You can also embed (some) of the information you want within the digital photo itself. Look for something called an "EXIF editor". All digital photo formats (JPEG etc.) also carry metadata, that is, data that is not visible in the picture itself. These are things such as type of camera used, exposure setting of the camera, GPS info for the camera (if available), etc. There are EXIF fields where you can put free text, for example, the copyright field. These are all stored invisibly with the photo.
If you're willing to expend some $ (and obviously, some learning curve time), photo processing software (such as Adobe Lightroom) includes features to help catalog your photos using keyword tags. You could then tag a photo with, say, "open-form walnut wipe-on-poly" etc., then, at a much later date, you could search your catalog for all "open-form" or all "open-form walnut" etc.
In my opinion, this only becomes useful if you're going to be cataloging hundreds of photos. My woodturning rate is currently on the order of 1 project per month, so I personally see no value in expending the effort in shooting and cataloging my woodturning work.
Backups: Cloud storage is fine, but like Owen, I'm a firm believer in belts, suspenders, and duplicate underwear. Buy an external USB hard drive from your favorite huge-box-store (Costco, Sam's Club, etc.)--I think 4 TB for $100 in 2017? That'll store probably (a lot) more than 500,000 photos stored at the highest resolution of your camera. Then, put into your calendar app a monthly reminder to backup all new photos to your external drive. Every 3 to 5 years (also put a reminder in your calendar app), plan on buying a new external USB drive and transferring stuff from the older drive to the new drive.