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Summary
As the requirements for cold data — where data is stored on disk but almost never read again, like legal data or backups of third copies of data — keep on increasing dramatically, there are huge demands for developing some form of cold storage system with the highest capacity and the lowest cost.
Cold storage is designed as a bulk load fast archive. The typical use case is a series of sequential writes, but random reads. A Shingled Magnetic Recording (SMR) HDD with spin-down capability is the most suitable and cost-effective technology for cold storage. To accommodate this use case, a separate infrastructure dedicated for cold storage needs to be designed and deployed.
You can download the cold storage specification.