The Year 2000 problem (also known as the Y2K problem, the millennium bug, the Y2K bug, or simply Y2K) was a notable computer bug resulting from the practice in early computer program design of representing the year with two digits. This time code ambiguity caused some date-related processing to operate incorrectly for dates and times on and after January 1, 2000 and on other critical dates which were billed "event horizons". Without corrective action, long-working systems would break down when the "...97, 98, 99..." ascending numbering assumption suddenly became invalid. Companies and organizations worldwide checked, fixed, and upgraded their computer systems.
via en.wikipedia.org
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