The article as such is quite long but really interesting
As clocks approached midnight on the evening of December 31, 1999, individuals, companies, and institutions around the world kept close watch over their computer systems. The so-called Year 2000 problem, or Y2K bug, threatened to crash computer systems and paralyze services. The worldwide impact of the Y2K bug turned out to be minimal, but the extensive measures undertaken to avoid problems helped illustrate an increased global reliance on information technology.
Debugging the Year 2000 Problem
When the clock strikes midnight on December 31, 1999, what will happen? In the automated, computer-dominated society of the developed world, what will be the fallout from the Year 2000 computer bug?
Will the world's computers begin crashing? Will power service be disrupted? Will stores be shuttered, banks be closed, or mass transit be halted? What will people do if they are unable to get cash from automated teller machines (ATMs) or gasoline from electronic pumps? What if water ceases to flow from the taps, traffic signals fail, and airplanes are grounded?
The Year 2000 problem, also known as Y2K or the Millennium Bug, refers to the inability of some computer programs to handle the date change at the turn of the century. Programmers in the early years of computer development allowed for only two digits to reflect the year in any date reference, assuming that their programs would be replaced long before a four-digit field would be necessary. When the two-digit-year figures switch at midnight on New Year's Eve, 1999, computers that have not had their Y2K problem fixed will read the year 2000 as the year 1900, since both end in the digits 00, and are likely to generate error messages or simply shut down. As a result, experts—computer scientists, programmers, engineers, systems analysts—and no experts alike have predicted various degrees of societal impact. In short, the Y2K problem has the potential to affect just about every aspect of society all over the world.
Perhaps the biggest problem is that no one knows just how serious or widespread the Y2K bug will actually be. Predictions of its impact vary widely, ranging from no discernible effect to the possibility of a global crisis. In February 1999, a 160-page report prepared for the United States Senate's Special Committee on the Year 2000 Computer Problem predicted that the worst disruptions would occur abroad and would affect global communications, financial systems, air transportation, and oil supplies.
The report also warned that in the United States, small businesses, state and local governments and the health-care industry were the least prepared for the Y2K problem.
Steps can be taken, however, to avoid the worst impacts and prepare for the effects. Some sectors of society are on schedule in these efforts, but many are not. One seeming advantage is that experts can anticipate when most of the problems are likely to occur. But even that knowledge could pose difficulties if people panic while preparing for the worst.
Read full story