Decentralization refers to the distribution of authority, power, or decision-making away from a central authority. In a decentralized system, local or regional entities have more control and autonomy, allowing for tailored solutions that better meet the needs of specific communities. This approach can be seen in various fields, including government, finance, and technology. In the context of blockchain technology, decentralization enables secure and transparent transactions without relying on a central authority, such as a bank. This can enhance trust and reduce the risk of fraud, as data is stored across multiple locations, making it harder to manipulate or corrupt.