If you're interested in exploring alternative means to represent Minecraft world (chunk)data, you can also look into the idea of bitstrings. Each 'chunk' is comprised of a volume 16*16*128, whereas 16*16 can adequately be represented by a single byte character and can be consolidated into a binary string.
As this approach is highly specific to a certain goal of trading client-computation vs highly optimized storage and transfer time, it seems imprudent to attempt to explain all the details, but I have created a specification for just this purpose, if you're interested.
Using this method, calculating storage cost is drastically different than the current 1byte-per-block, but instead is 'variable-bit-rate': ((1bit-per-block, rounded up to a multiple of 8) * (number of unique layers a blocktype appears in a chunk) + 2bytes)
This is then summed for the (unique number of blocktypes in that chunk).
Pretty much only in deliberate edgecases can this be more expensive than a normally structured chunk, in excess of 99% of Minecraft chunks are naturally generated and would benefit from this variable-bit-representation by a ratio of 8:1 or more in many of my tests.