While the other answers are mostly fine, you could try another, more space-efficient, encoding method like yEnc. (yEnc wikipedia link) With yEnc also get checksum capability right "out of the box". Read and links below. Of course, because XML does not have a native yEnc type your XML schema should be updated to properly describe the encoded node.
Why: Due to the encoding strategies base64/63, uuencode et al. encodings increase the amount of data (overhead) you need to store and transfer by roughly 40% (vs. yEnc's 1-2%). Depending on what you're encoding, 40% overhead could be/become an issue.
yEnc - Wikipedia abstract: https://en.wikipedia.org/wiki/YEnc yEnc is a binary-to-text encoding scheme for transferring binary files in messages on Usenet or via e-mail. ... An additional advantage of yEnc over previous encoding methods, such as uuencode and Base64, is the inclusion of a CRC checksum to verify that the decoded file has been delivered intact. ?