The term decentralized refers to a system or organization in which power, authority and decision-making are distributed among various parties rather than being concentrated within one central point. In other words, it means spreading out functions, tasks or decision making powers across different locations or entities, instead of having everything controlled by a single entity.
In the context of blockchain technology, decentralized refers to the fact that no single party has control over the network and transactions are verified and recorded by multiple nodes on the network rather than being managed by one central authority. This ensures transparency, security and fairness in the system as there is no possibility of manipulation or censorship from any individual or group.