Version Management is the most crucial step in Software Configuration Management. The major phases of version management is analysis of changes made, the newer version that holds all the changes is then made available. The existing techniques involve version control by means of file locking and merging of version to control and monitor the use of files and manage the changes made in them, both these approaches have certain shortcomings including loss of changes made and unnecessary delays. Hence, a new technique has been devised, the algorithm of which has been proposed in this paper. This latest model of version control comprises of a mechanism of updates based on time. There is an integration of timer and other controls which make sure that the implementation can be made by more than one user at a time and that none of the modifications are lost. This algorithm of version control has been proposed to refine the process further and open new windows for future research in this area.