Sure. A centralized chain can be used for anything that a decentralized one can be used for (with one exception ), you just have to trust the provider.
 The exception is that a decentralized chain cannot be used to fairly distribute rewards to the participants in a decentralized protocol. That makes it harder to use a centralized chain as money because you need a separate mechanism for controlling the money supply than the one that maintains the ledger. In a distributed chain, the same mechanism serves both purposes.