Immutability has been widely accepted as a fundamental property protecting the security of blockchain technology. However, this property impedes the development of blockchain because of the abuse of blockchain storage and legal obligations. To mitigate this issue, a novel construction of blockchain, called <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">redactable blockchain</i> , was introduced. It enables a central authority to issue the rewriting privilege to a particular party who can rewrite a registered object, e.g., a block or a transaction, in a controlled way. Unfortunately, the central authority must be fully trusted and is an obvious target suffering from various attacks. In this paper, we introduce a redactable blockchain controlled at a fine-grained level in a decentralized setting. In our solution, the rewriting privilege is issued by multiple authorities for reducing the vulnerability of the centralized setting. To formalize our solution, we introduce a novel cryptographic notion, called <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">decentralized policy-based chameleon hash</i> (DPCH), with the formal definition and security model. By applying several simple cryptographic tools, such as chameleon hash, digital signature, and multi-authority attribute-based encryption, we present the generic construction of DPCH along with rigorous security proofs. By applying RSA-based chameleon hash and BLS short signature, we give a practical instantiation of DPCH with performance evaluation. The comprehensive evaluation shows that our solution has superior performance than the state-of-the-art solution.