A method and system are disclosed for governing access to stored data by first and second of processing devices for the purpose of writing to or modifying the stored data and reading the stored data. In one embodiment, the method includes determining whether first and second single-bit flags associated with a first data portion are the same or different and performing one of a first operation and a second operation (e.g., writing or reading operations) depending upon whether the first and second flags are the same or different, where the first and second operations are respectively performed by the first and second processing devices. The method further includes changing one of the first and second flags upon completion of the operation, where the first value is changed if the first operation was performed, and where the second value is changed if the second operation was performed.