[tlb]

Pass (https://www.passwordstore.org/) uses git as a password database in a similar way.

[davidrusu]

AFAIK pass won't handle conflicts for you (please correct me if I'm wrong!).

This isn't a big problem for a password manager since conflicting changes are very uncommon, but for other apps this starts to get more important.

[tlb]

It just does what git does. Since every site has its own file containing just a password, merging conflicts isn't a common issue.