insert image as blob using ajax

index.php
						// image insert
                        $('#insert_form').submit(function(event){
                            event.preventDefault();
                            var image_name = $('#image').val();
                            if(image_name == '')
                            {
                                // alert("Please Select Image");
                                return false;
                            }
                            else
                            {
                                var extension = $('#image').val().split('.').pop().toLowerCase();
                                if(jQuery.inArray(extension, ['gif','png','jpg','jpeg']) == -1)
                                {
                                    alert("invalid image file")
                                    $('#image').val('');
                                    return false;
                                }
                                else
                                {
                                    $.ajax({
                                        url:"insertimage.php",
                                        method:"POST",
                                        data:new FormData(this),
                                        contentType:false,
                                        processData:false,
                                        success:function(data)
                                        {
                                             alert(data);
                                            fetch_data();
                                            $('#insert_form')[0].reset();
                                             $('#imageModal').modal('hide');
                                        }
                                    });
                                }
                            }
                        });




insertimage.php

if(isset($_POST["action"]))
    {

      if($_POST["action"] == "insert") // for insert image
      {
          $file = addslashes(file_get_contents($_FILES["image"]["tmp_name"]));
          $query = INSERT INTO table_name (column1) VALUES ('$image');
          if(!mysqli_query($connection, $query))
          {
              die(mysqli_error($connection));

          };
      }
    }