Knife block is probably the most common method of storing a knife: simple to use and offers a nice presentation in kitchens without a lot of space. Knife blocks come in a ton of styles. Some are the traditional knife blocks where the knives go in at an angle, some are clear stainless steel blocks with completely vertical knives.
Traditional knife blocks can be difficult to clean because it's impossible to get into the small slits, so its important to make sure the knife is clean and dry before putting it away or some nasty contamination could occur.
Certain knife blocks also dull knives because when you pull them out, the blade drags against the wood. You can combat this by putting the block on its side or getting a block that rests knives on their sides.
Even though you might think this is only for transportation of knives, some chefs highly recommend knife bags for your home kitchen. The reason is that it keeps your knives separated and protected more than any other storage method.
Finally, you can also get sheaths or blade covers for all of your kitchen knives. These allows each knife to be individually protected.