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This will be stored per-user, next to the existing content folders storage, which installers already modify to add content
The version will be stored in a machine-readable format (so that it may be updated automatically) and human-readable text for display purposes
The current version of code produces data in "HKEY_CURRENT_USER\SOFTWARE\OpenRails\ORTS\Version" that looks like this:
https://james-ross.co.uk/temp/Screenshot%202021-08-30%20150044.png
The unlabelled QWORDs are 64-bit (8 byte) serialisations of the version number; sixteen bits (2 bytes) for each component. You can see the 1.4 and 1.3.1.1921 in the hex (0x) numbers above (0x781 = 1921). They should be compared numerically with the target version numbers in the same 64-bit format.