Y2K

What Is Y2K?

Y2K is the shorthand term for "the year 2000." Y2K was normally used to allude to a broad computer programming easy route that was expected to cause broad ruin as the year changed from 1999 to 2000. Rather than permitting four digits for the year, numerous computer programs just permitted two digits (e.g., 99 rather than 1999). Thus, there was huge panic that computers would be unable to operate at the turn of the thousand years when the date slid from "99" to "00".

Figuring out Y2K

In the years and months leading up to the turn of the thousand years, computer specialists and financial analysts expected that the switch from the two-digit year '99 to '00 would unleash destruction on computer systems ranging from airline reservations to financial databases to government systems. A huge number of dollars were spent leading the pack up to Y2K in IT and programming development to make patches and workarounds to crush the bug.

While there were a couple of minor issues once Jan. 1, 2000, showed up, there were no monstrous breakdowns. Certain individuals attribute the smooth transition to major efforts embraced by organizations and government organizations to address the Y2K bug in advance. Others say that the problem was overstated and could not have possibly created critical issues in any case.

Special Considerations

At that point, which was the beginning of the internet, the Y2K alarm — or the Millennium bug as it was additionally called — had numerous conceivable explanations behind concern. For example, for quite a bit of financial history, financial institutions have not generally been viewed as cutting edge technology-wise.

Realizing most big banks ran on dated computers and advancements, it wasn't irrational for contributors to worry the Y2K issue would hold onto the banking system up, in this way preventing individuals from pulling out money or participating in important transactions. Extended to a global scale, these concerns of a pandemic like panic had international markets holding their breath heading into the turn of the century.

The research firm Gartner estimated that the global costs to fix the bug were expected to be between $300 billion to $600 billion. Individual companies additionally offered their evaluations of the bug's economic impact on their top-line figures. For instance, General Motors stated that it would cost $565 million to fix problems emerging from the bug. Citicorp estimated that it would cost $600 million, while MCI stated that it would take $400 million.

In response, the United States government spent the Year 2000 Information and Readiness Disclosure Act to plan for the event and framed a President's Council that comprised of senior authorities from the administration and authorities from agencies like the Federal Emergency Management Agency (FEMA). The council monitored efforts made by private companies to set up their systems for the event.

In actuality, the episode went back and forth with little exhibition.

Features

• The change was expected to cut down computer systems frameworks, for example, those for banking and power plants.
• While there was a boundless outcry about the expected ramifications of this change, not much occurred.
• Y2K was regularly used to allude to an inescapable computer programming easy route that was expected to cause broad devastation as the year changed from 1999 to 2000.

FAQ

What Led to Y2K?

Y2K came about to a great extent due to economics. At the dawn of the computer age, the programs being written required the type of data storage that was very costly. Since very few anticipated the outcome of this new technology or the speed with which it would assume control over, firms were sensible in their spending plans. This lack of foreknowledge, especially given that the thousand years was just around 40 years away, prompted developers being forced to utilizing a 2-digit code rather than a 4-digit code to assign the year.

Why Was Y2K Scary?

Specialists expected that the switch from the two-digit year '99 to '00 would unleash devastation on computer systems ranging from airline reservations to financial databases to government systems. For example, the banking system depended on dated computers and advances and it wasn't irrational for contributors to worry about having the option to pull out funds or engage in important transactions. Bankers were concerned that interest may be calculated for 1,000 years (1000 to 1999) rather than a single day.

How Was Y2K Avoided?

The U.S. government spent the Year 2000 Information and Readiness Disclosure Act to plan for the event and shaped a President's Council, that comprised of senior authorities from the administration and authorities from agencies like the Federal Emergency Management Agency (FEMA), to monitor efforts of private companies to set up their systems for the event. The research firm Gartner estimated that the global costs to keep away from Y2K might have been all around as much as $600 billion.