This feature is available in all editions.
The system applies updates only to the attributes of an item that has actually been changed. A potential conflict, therefore, only exists if two people are trying to update the same attribute on the same item at the same time. If that is the case, there is both a duplication of effort and a communication issue on the team that should be sorted out. The system would accept and track each change in the audit History - the value that was applied first would have a very short lifespan and would be replaced by the value applied second.
You can view the change history on the item's details page. For instructions, see Viewing the Change History of an Item.