Year 2000 problem

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The Year 2000 problem (also known as the Y2K problem, the millennium bug, Y2K Bug, and Y2K) was a problem that happened because of the way in which some early computer programs were made. They were made to handle only years containing 2 digits (for example '92 instead of 1992), and people started fearing that date-related processing would happen incorrectly for dates and times after December 31 1999. It caused a big concern that very important industries (such as electricity or financial) and government functions would stop working at exactly midnight, January 1 2000, and on other critical dates which were called "event horizons". More people were panicked by press coverage and other media speculation, as well as corporate and government reports. Companies and organisations around the world had to check and upgrade their computer systems. The preparation for Y2K thus had a significant effect on the computer industry. No significant computer failures occurred when the year changed to 2000. Debate continues on whether the absence of computer failures was the result of the preparation undertaken or whether the problem had been overstated.