Versioning schemes are methods used to manage changes in software, documents, or products over time. They help track revisions, ensuring that users can identify and access different iterations. Commonly, version numbers consist of three parts: major, minor, and patch. For example, in the version number 1.2.3, "1" is the major version, "2" is the minor version, and "3" is the patch version. These schemes provide clarity and organization, especially in collaborative environments. By using versioning, teams can avoid confusion about which version is the most current and can easily revert to previous versions if needed. This practice is essential in software development, where tools like Git facilitate version control.