This is known as a discharge and is used in countries including England, Wales, Canada, Australia, and New Zealand.
Appeal mechanisms and post conviction relief procedures may help to address this issue to some extent.
An error leading to the conviction of an innocent person is known as a miscarriage of justice.
In some judicial systems, the prosecution may appeal acquittals; while in others, this is prohibited under double jeopardy protections.
These can include impacts on employment, housing, the right to travel to other countries, and other areas of an individual's life.