Code versioning, also known as version control or source control, is the management of changes to documents, computer programs, large web sites, and other collections of information. It is the practice of tracking and managing changes to code, allowing multiple developers to collaborate on a project while keeping track of every modification made to the codebase.

Here are some key aspects and benefits of code versioning:

1. **Tracking Changes**: Code versioning systems keep track of changes made to files over time. Developers can see who made changes, what changes were made, and when they were made.

2. **Collaboration**: Version control allows multiple developers to work on the same codebase simultaneously without interfering with each other's work. It enables seamless collaboration by providing mechanisms for merging changes made by different developers.

3. **Backup and Recovery**: Version control systems serve as a backup mechanism for code. Developers can revert to previous versions of the codebase if needed, which is particularly useful when errors are introduced or if there's a need to roll back to a stable state.

4. **Branching and Merging**: Version control systems typically support branching, which allows developers to create separate lines of development. This feature enables teams to work on different features or fixes independently and later merge their changes back into the main codebase.

5. **Code Reviews and Auditing**: Version control facilitates code reviews by providing a history of changes. Developers can review each other's code changes, provide feedback, and ensure code quality. Additionally, version control logs can be audited for compliance or security purposes.

6. **Release Management**: Version control systems can help manage software releases by tagging specific versions of the codebase. This ensures that a particular version of the software can be easily reproduced and deployed.

Popular version control systems include Git, Subversion (SVN), Mercurial, and Perforce. Git, in particular, has gained widespread adoption due to its distributed nature, speed, and powerful branching and merging capabilities.