Later approaches of the same idea coning out of the academic Databases community reinvented this particular wheel with far better PR and branded it the Semantic Web with 'Ontologies' and RDF, OWL and its ilk.
While reasonable (pun intended) for small vertical domains, the approach has never made inroads in more broad general intelligence as IMHO it does not deal well with ambiguities, contradictions, multi level or perspective modeling and circular referential meaning in 'real world' reasoning and also tends to ignore agentive, transformative and temporal situatedness.
Its ideal seems to be a single thruth never changing model of the universe that is simply accepted by all.