|Definition||A series of steps that succeed or fail as an atomic unit.|
|Related Concepts||Transaction Processing|
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What is a Transaction?
John Spacey, updated on February 06, 2017
A transaction is an exchange between individuals or systems that involves a series of steps that fail or succeed as a unit. For example, purchasing a car is a transaction that involves negotiation, payment and delivery. If a purchaser negotiates a price and pays for a car they may still seek to end the transaction if the seller fails to deliver what was promised. In this case, the payment might be refunded and the price achieved in negotiation becomes meaningless. The term transaction is typically used to indicate financial transactions such as sales of goods, investments in assets, mergers and acquisitions. The term can also be applied to non-financial scenarios such as technology. Information technologies commonly implement support for transactions that allow a series of steps to succeed or fail as an atomic unit.
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