Y2K is that the shorthand term for “the year 2000.” Y2K was normally wont to ask a widespread programming route that was expected to cause intensive mayhem because the year modified from 1999 to 2000. rather than permitting four digits for the year, several pc programs only allowed 2 digits (e.g., ninety nine instead of 1999). As a result, there was vast panic that computers would be unable to control at the flip of the millennium once the date descended from “99” to “00”.
• Y2K was commonly used to refer to a widespread programming route that was expected to cause intensive mayhem because the year modified from 1999 to 2000.
• The amendment was expected to bring down pc systems infrastructures, admire those for banking and power plants.
• whereas there was a widespread outcry regarding the potential implications of this change, not a lot of happened.
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within the years and months leading up to the flip of the millennium, computer specialists and monetary analysts feared that the switch from the two-digit year ’99 to ’00 would make havoc on computer systems starting from airline reservations to monetary databases to government systems. legion bucks were spent within the lead-up to twelvemonth in IT and software system development to form patches and workarounds to squash the bug.
whereas there have been many minor problems once Jan. 1, 2000, arrived, there were no large malfunctions. Some folks attribute the sleek transition to major efforts undertaken by businesses and government organizations to correct the Y2K bug in advance. Others say that the matter was overdone and wouldn’t have caused important issues regardless.
At the time, that was the first days of the internet, the twelvemonth scare—or the Millennium bug because it was conjointly called—had several plausible reasons for concern. For instance, for a lot of of economic history, financial establishments haven’t typically been thought of innovative technology-wise.
Knowing most massive banks ran on dated computers associated technologies, it wasn’t irrational for depositors to fret the Y2K issue would seize the banking industry up, thereby preventing folks from retreating cash or participating in necessary transactions. Extended to a worldwide scale, these worries of an epidemic-like panic had international markets holding their breath heading into the flip of the century.
The analysis firm Gartner estimated that the worldwide prices to mend the bug were expected to be between $300 billion to $600 billion. Individual firms conjointly offered their estimates of the bug’ economic impact on their top-line figures. For example, General Motors expressed that it’d value $565 million to fix issues arising from the bug. Citicorp calculable that it would cost $600 million, whereas MCI stated that it would take $400 million.1
In response, the u. s. government passed the Year 2000 data and Readiness revelation Act to organize for the event and fashioned a President’ Council that consisted of senior officers from the administration and officers from agencies just like the Federal Emergency Management Agency (FEMA). The council monitored efforts created by personal firms to organize their systems for the event.23
In actuality, the episode came and went with very little fanfare.
Y2K happened for the most part thanks to economics. At the dawn of the pc age, the programs being written needed the sort of knowledge storage that was very costly. Since not several anticipated the success of this new technology or the speed with that it’d take over, corporations were even handed in their budgets. This lack of foresight, particularly provided that the millennium was concerning forty years away, semiconductor diode to programmers being forced to employing a 2-digit code rather than a 4-digit code to designate the year.
specialists feared that the switch from the two-digit year ’99 to ’00 would make mayhem on pc systems starting from airline reservations to monetary databases to government systems. For instance, the banking industry relied on dated computers and technologies and it wasn’t irrational for depositors to fret about having the ability to withdraw funds or interact in necessary transactions. Bankers were upset that interest could be calculated for m years (1000 to 1999) rather than one day.
The U.S. government passed the Year 2000 data and Readiness revelation Act to organize for the event and fashioned a President’ Council, that consisted of senior officers from the administration and officials from agencies just like the Federal Emergency Management Agency (FEMA), to observe efforts of personal firms to prepare their systems for the event.32 The analysis firm Gartner calculable that the worldwide prices to avoid Y2K may are the maximum amount as $600 billion.
