Yes, that's why using a blockchain is only feasible for applications that do not generate too much data. With one transaction being 500 bytes in size, a billion transactions occupy 500 GB, which is still managable by an average PC. Once Bitcoin reaches Visa-level transactions rates (100 million per day), there's 500 TB of transaction data per year. That would be a problem for today's network, but it is still in the realm of feasibility as long as the professionalization continues.