Y2K is the shorthand expression for"the year 2000" commonly utilized to refer to some shared computer programming dictionary which was anticipated to cause considerable chaos because the season changed from 1999 to 2000.
Rather than permitting four digits for the year, many computer applications just let two digits (e.g., 99 instead of 1999). Because of this, there was massive fear that computers would be not able to function if the date derives from"99" to"00".
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- The Y2K bug was a technical issue identified in the late 1990s by a date transition from computer systems in the year 1999 to 2000 at the turn of this millennium.
- The shift was expected to bring down computer systems infrastructure, like the ones for banking and electricity plants.
- While there was widespread outcry regarding the possible consequences of the shift, not much happened in reality.
In months and the last few years leading up to the turn of this millennium, analysts and computer specialists worried the change against the year'99 to'00 could wreak havoc on computer systems which range. Millions of dollars have been invested in software development and IT to make workarounds and patches to crush the insect.
There were not any malfunctions once January 1, 2000, came while there were a few problems. The transition is attributed by some folks into efforts undertaken by companies and government organizations to fix the bug. Other people state the difficulty was overstated to start with and would not have caused problems that are considerable no matter.
Effect of the Y2K Bug
At the moment, since it was called, which had been the first days of the scare the world wide web or bug, had several reasons for concern. For example, for much of history that was fiscal, financial institutions have not been considered cutting edge tech-wise.
Recognizing most large banks conducted on technology and computers, it was not ridiculous for depositors to stress the banking system would be seized by the Y2K problem upward preventing individuals or participating in trades that are significant. All these concerns of fear had niches.
Research company Gartner estimated that the bug to be fixed by the costs were anticipated to be between $300 billion to $600 billion. Individual companies provided their quotes for the bug effect. By way of instance, General Motors said that it might cost $565 million to correct issues. Citicorp estimated it might cost $600 million, while MCI said that it might take $400 million.
In response, the United States government passed the Year 2000 Information and Readiness Disclosure Act to Get Ready for the occasion and shaped a President's Council that consisted of senior officials in the government and officials from agencies such as the Federal Emergency Management Agency (FEMA). The council tracked attempts made to prepare their strategies.
The incident came and went with little fanfare and is a fun and side note into the internet's first days.