Binary large object (BLOB) properties can be stored in two ways in the eXo JCR: in the database with items information or in an external storage on host file system. These options can be configured at workspace in the repository configuration file (repository-configuration.xml in portal and exo-jcr-config.xml in standalone mode). The database storage can't be completely disabled.
The first case is optimal for most of cases which you do not use very large values or/and do not have too many BLOBs. The configuration of the BLOBs size and BLOBs quantity in a repository depend on your database features and hardware.
The second case is to use an external values storage. The storage can be located on a built-in hard disk or on an attached storage. But in any cases, you should access to the storage as if it was a regular file(s). The external value storage is optional and can be enabled in a database configuration.
eXo JCR Repository service configuration basics is discussed in Configuration
Database and workspace persistence storage configuration is discussed in JDBC Data Container config
Configuration details for External Value Storages.