What does 'it is finished' mean in the context of Jesus' sacrifice?

When Jesus proclaimed 'It is finished' (John 19:30), He confirmed that the entire sacrificial system outlined in the Old Testament was fulfilled in His sacrifice. This phrase encompasses the totality of God's redemptive plan, indicating that all that was necessary for the atonement of sin has been accomplished. With His death, the old covenant was made obsolete, and believers now can claim their righteousness through faith in His finished work. As a result, no further sacrifices or works are required for redemption; the debt has been paid in full.