Transactions allow users to store and retrieve data through database instructions. A transaction represents the execution of a query and involves read/write operations on database objects. Transaction management ensures partial transactions do not leave the database in an inconsistent state. The key aspects of transactions are their ACID properties - Atomicity, Consistency, Isolation, and Durability. Atomicity means transactions are fully completed or not completed at all. Consistency requires the database remain consistent after a transaction. Isolation ensures transactions are isolated from each other. Durability means transaction changes persist after a system failure.