Thank you for your replies and interest in the subject 
Vertical only (LIFT DOWN AND LIFT UP) at this stage.But I will be thinking to move it horizontally as well..
I am not obsessed with linear.
Yes I also thought replacing the existing pulley which is probably the best solution.
Unfortunately, I cannot replace the pulley with a geared motor. I am not allowed to modify the existing pulley system. Only exterior mods I can do. Besides it is time consuming to replace the pulley and fit something suitable.
If I have a chain bolted on to the stand vertically and a motor attached to the load, will I be able to drive this without any drawback? Is there anything I need to be concerned of if I choose this route?
I have some electronic and programming experience and mechanical experience.
It is just a personal project.
TomGeorge:
Hi,
So you will be moving in 2 axes, Vertical or Y axis, LIFT,which your diagram shows.
Plus Horizontal or X axis, PUSH, which your diagram doesn't.

That would explain this;You seem obsessed with linear.
Why don't you drive the pulley at the top of your Y axis with a geared motor and encoder?
Using a toothed belt, or chain to drive the LOAD up and down so that you have no slippage,
Your X axis could be the same thing, geared motor and encoder. toothed belt, or chain, but mounted horizontally.
The encoders will give you position information for your automated system control.
OR use stepper motors, this all depends on the drive power needed.
Look at how the Horizontal plane bed of a 3D printer works.
Or Look at how a mechanical plotter works, all in 2D with X - Y axes.
What is your electronics, programming, arduino, hardware experience?
Is this a school/college/university project?
Tom... 
Steel wire running over pulley.
Thanks for your suggestions but I cannot replace the pulley as I explained above.
Would it be at least stop the motor once such force is detected to prevent further injury?
Robin2:
It looks like there is a rope or wire running over a pulley. If so why not drive the pulley with a suitable motor.
Computer code should have NO part in preventing that risk. There should simply be a barrier around the machine.
Detecting a counterforce would not prevent injury - the injury would already have happened.
...R