What is Decentralization?

Decentralization refers to the distribution of power, authority, and decision-making away from a central authority or governing body. It involves the transfer of responsibilities and decision-making to lower levels of an organization, government, or system. In a decentralized system, decision-making and control are dispersed among multiple individuals or entities, allowing for greater autonomy and local decision-making. This can lead to increased efficiency, innovation, and responsiveness, as well as a reduction in the concentration of power and potential for corruption. Decentralization can be applied to various domains, including governance, economics, technology, and finance.