This question is probably about cryptocurrency, which uses blockchain technology.
Cryptocurrency gets value from the people who think it has value. Bitcoin is a speculative market, and I doubt there are many people who are buying bitcoin to actually go and buy goods as of today. Unless those goods are some sort of illicit drug, or something you cannot really use your regular currencies for, or something which you want to hide your transactions for. But the recent boom that you have seen in the prices of bitcoin and other cryptocurrencies is mostly coming from the fact that people think that they could buy it at a lower price, and sell it at a higher price later on, so it is basically a speculative market that is feeding itself.
I would argue, however, that this market is not any more or less arbitrary than most currencies. People do trading on currencies, people do trading on stocks, and many stocks and many currencies are speculative.