That's a first step , but with blocksize of 1MB and such fees not much can be created on BTC in massive scale .
But depending on your needs, you could avoid small block size problem by utilizing merkle tree and only store top/parent hash. Peter Todd did that on Internet Archive data[1]. Otherwise if you don't mind altcoin which have bigger block size and have sufficient skill/time, you could fork opentimestamps[2] to support certain altcoin.