Version control is a system that tracks changes to files over time, maintaining history of modifications and enabling collaboration on documents or code. Version control records who changed what, when, and why, allowing comparison of versions and reverting to earlier states. Software development relies heavily on version control systems (like Git) for managing code across teams. Document management systems provide version control for business documents. Government organizations use version control to manage policies, procedures, and technical documents, ensuring clear audit trails of changes. Version control prevents the confusion of multiple file copies ('document_v1', 'document_v2_final', 'document_v2_final_FINAL') and enables multiple people to work on files simultaneously without overwriting each other's changes.