A few thoughts - If this is done like the drawing involving load rollers and chains against that column, there's going to be greases and oils about... Running any sort of a friction brake acting on that steel tubing column directly is simply not going to happen.
You could use a vertical toothed gear rack and a triggered pawl, just like the original Elisha Grey Otis "Safety Elevator" patent - but that was meant for slow freight elevators...
You'll have to design in some sort of a buffer to absorb the energy of hauling your lift to a stop when the pawl is engaged. Or it'll just strip all the teeth off the stop pawl and Pshhooom! down it goes.
If you can come up with a place or way to mount it that is relatively shielded from grease (Good Luck...) you could use a vertical brake fin on the device, and a clamp-style brake mounted on the structure, like on roller coasters. (Intamin design on California Screamin' at DCA would work great for this.)
The brake is a Linear 'Disc Brake' with two pads clamping together onto the fin mounted on the car, activated using standard Class 8 Truck spring brake air chambers.
How about a huge Acme screw and half-nuts setup? Or steal one from a Saginaw Gear steering box, a big ballscrew and a recirculating-ball nut on the lift arm? Like a worm-gear drive, you stop the motor spinning the screw shaft with a small motor clutch-brake and your load isn't moving anywhere barring mechanical failure. And it gets rid of the chain or cables, except perhaps to a counterweight...
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