What (Really) Is Velocity in Scrum?

Unlike most other races, measuring velocity isn't always beneficial in Scrum.

In complex and uncertain environments, more is unknown than is known. And what we know is subject to change. Only what we have achieved is known (unless we prefer to cover up). Progress is in what we have done, more than in what we plan to do. What we plan to do are assumptions that need validation by emerging actions and decisions. We make and incrementally change decisions based on what is known.

In Scrum, it is considered a good idea for teams to know about the progress they have been making. It is one parameter (of several) to take into account when considering the inherently uncertain future.