Final answer:
Serializable schedules ensure that database transactions are executed in a manner that leaves the database in a consistent state, similar to if they were run one after the other in a serial fashion, preserving data integrity and correctness.
Step-by-step explanation:
Being serializable implies that the schedule is a correct schedule: It will leave the database in a consistent state. Serialization ensures that a schedule (or ordering) of various operations (transactions) on a database, even if they are executed concurrently, will result in a state that could be achieved if the transactions were executed serially, i.e., one after the other without overlapping in time.
A serializable schedule is considered the highest level of transaction isolation in databases because it maintains consistency and the correctness of the data by avoiding problems like dirty reads, non-repeatable reads, and phantom reads. The consistency maintained by serializable schedules is crucial for ensuring that all integrity constraints are preserved and the database remains in a state that accurately reflects real-world requirements and constraints.
Examples include financial transactions where it's vital that money transfers are handled accurately. If a schedule is not serializable, then the outcomes can be unpredictable which can lead to data corruption or loss of data integrity, hence the importance of serialization in transactional database systems.