Version control is a system for tracking and managing changes to files, documents, and software code over time. It allows multiple users to collaborate on the same project by keeping a detailed history of revisions, who made them, and when. Version control enables users to revert to previous versions, compare changes, and resolve conflicts when multiple edit occur simultaneously. This system enhances productivity, ensures accuracy, and maintains the integrity of the data by providing a reliable way to manage and document the file lifecycle.