What is Y2k38 or Year 2038 Bug?
On January 19, 2038, UNIX-based programs and UNIX-like operating systems will run out of time. To be more precise, at 3:14:07 GMT, UNIX will be exactly 1 billion seconds old.UNIX keeps track of time in a 4-byte integer that represents the number of seconds after January 1, 1970 12:00:00.
A 4-byte integer has a maximum value of 2,146,483,547. On January 19th 2038 at 03:14:37 this resetting will take place and lead the Unix systems to count the date from 1970.
To solve this problem, many systems and programming languages have switched from 32-bit to 64-bit version, and as the problem will not occur for nearly three decades there is plenty of time to fix this time related bug.