A transaction is a fundamental concept in various fields, including finance, business, and computer science. At its core, a transaction refers to an exchange or transfer of goods, services, or money between parties. This can include everything from purchasing a product at a store to transferring money between bank accounts.
In a business context, a transaction typically involves a buyer and a seller, where the buyer receives the product or service and the seller receives payment. Transactions can be classified as either cash or credit transactions, depending on whether payment is made immediately or deferred to a later date.
In the realm of databases and computer systems, a transaction refers to a sequence of operations that are treated as a single, indivisible unit of work. This means that either all operations in the transaction are completed successfully, or none of them are executed at all, maintaining the integrity of the database.
In summary, a transaction is an important term that signifies an exchange or transfer of value in various contexts, ensuring that the parties involved fulfill their obligations in a reliable and efficient manner.