What Does Year 2000 Problem (Y2K) Mean?
The year 2000 problem (Y2K) was a problematic situation faced by digital (and some non-digital) files and systems due to the practice of using the last two digits instead of four digits when indicating the year in a date. This resulted in 2000 indistinguishable from 1900 by an affected system. This particularly affected machines dealing with real-time events and display of dates.
Techopedia Explains Year 2000 Problem (Y2K)
In order to save memory, early computer and electronic digital devices were programmed to use only the last two digits for year. This turned out to be a costly error, because the year 2000 was seen by these machines as the same as 1900. An estimated amount of $300 billion was spent to update systems before December 1999 to make them Y2K compliant.
