What is optimistic locking in Hibernate 7 and how do you implement it?

@Entity
public class Product {
    @Id @GeneratedValue(strategy=GenerationType.IDENTITY)
    private Long id;
    private String name;
    private BigDecimal price;

    @Version  // Hibernate manages automatically
    private Long version;
}

// How it works:
// Load:   SELECT id, name, price, version FROM products WHERE id=1
//         version=5
// Modify: product.setPrice(new BigDecimal("99"))
// Flush:  UPDATE products SET price=99, version=6 WHERE id=1 AND version=5
//         If another TX updated it: version!=5 -> OptimisticLockException!

// Handling conflicts:
for (int attempt = 0; attempt < 3; attempt++) {
    try (Session session = sf.openSession()) {
        session.beginTransaction();
        Product p = session.find(Product.class, productId);
        p.setPrice(p.getPrice().multiply(new BigDecimal("0.9")));
        session.getTransaction().commit();
        break;  // success
    } catch (OptimisticLockException e) {
        if (attempt == 2) throw e;
        Thread.sleep(50 * (attempt + 1));
    }
}