Yes, as it turns out, cryptographically timestamped ordering of cryptographically signed individual transactions is a useful thing for trading markets.
...but with a network protocol, peer discovery/exchange, record gossip, and defined strict data format for the contents of commits; but basically yes.
Blockchains aren't any fundamentally new underlying technology, they're just existing technology bolted together in a new way that enables new applications. DHT and BitTorrent are similar in that regard.