Version 1.0.3 typically refers to a specific release of software or an application. This version number indicates that it is the third update to the first major release, which is often used to fix bugs, improve performance, or add minor features. In software development, versioning helps users and developers track changes and updates. The format usually follows Semantic Versioning, where the first number represents major changes, the second number indicates minor updates, and the third number signifies patches or fixes.