The term decentralization is very broad in its meaning.
To define it in a simple few words, it is the way to move an entity, or an organization’s control away from an administrative party, ensuring that the organization could survive without the administrative party and acts as a core to its own self, not relying on a “center” or a main-switch for its existence.
Today, the word of decentralization is almost always associated with blockchain technology. Somehow, the concept of a network or organization performing its actions without being actively dependent on a single authority is very lucrative to the general users of technology, and for good reason too.
Decentralization does not only ensure that the project or its functions are “secure”, but it also makes sure that any project or organization can survive by adapting to new users as a “team player”, since it does not have to answer to any authority.
For instance, in case an organization’s founders get bored of it or the team behind the project gets busy with other ventures, decentralization ensures that the organization keeps going (think of Bitcoin and its survival after Satoshi Nakamoto).
P.S. just a few tips
That is why, while looking at new initial coin offerings (ICOs), one needs to ensure that even if they are blockchain based platforms, that they still offer proper decentralization for the future survival of the blockchain.
In case a project does not do that, then it needs to be ensured that it actually has a good enough reason to not offer decentralization in the first place.
If the answer is satisfactory, then move further to ensure that it has a proper plan in place for the project’s survival in case a point of centralization goes down for whatsoever reason.
By confirming these key points, you can make sure that your investment would remain secure a few years down the line, when decentralization becomes as essential to a project’s survival as the SSL layer – which encrypts your data and keeps anyone from seeing it – is to online stores these days.