What do I answer if someone asks me this question? I have done some research but I am still confused so kindly help me out. And this is my first thread on forum kindly excuse me if I made any mistake.
Thank you!
Blockchain does not needs cryptocurrency infract the cryptocurrency needs blockchain technology. It is due to this technology that cryptocurrencies are decentralized. Blockchain is a public ledger where all the personal information can be stored and you will decide what part of information you want to share and which not. So it can be very helpful in many sectors like banking, insurance, healthcare, supply chain management, etc.
It's the other way around. Think about it:
No bitcoin or no cryptocurrency means => no asset available to reward miners => No miners means => Official validators required
But this means that we're turning around in circles back to a Central authority that provides governance!
Another question is why should appointed validators use a blockchain when they're the only ones authorized to validate blocks?
Why all the effort to mine and give PoW to themselves?