What does 'It is finished' mean in the context of Jesus' death?

'It is finished,' spoken by Jesus on the cross, encapsulates the completion of His mission to redeem humanity. This phrase, as recorded in John 19:30, denotes that all requirements for atonement have been fully satisfied through His sacrifice. This moment signifies that the power of sin has been broken, and a new covenant has been established. It illustrates the doctrine of justification by faith; we are declared righteous before God, not by our own works, but through Christ's finished work on our behalf. It underscores that salvation is a gift received through faith, where nothing can be added to what Christ has accomplished.