Erlang style immutable reference counted shared memory is not at all state of the art. Persistent data structures are common and effective. I have implemented several myself, to store and update trees that don't fit in main memory. If you're updating one byte of your physicist's (say) 1 petabyte dataset, it requires ten memory allocations (log[branch factor] of the size of the dataset).

If you're updating the whole thing linearly, do consider that updating something in place or creating an updated copy is identical in terms of performance; a storage device doesn't care whether the bits streaming back are overwriting the same locations or new ones. Though of course you end up with both copies at the end.