What is the Year 2038 problem?

Ink

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"The Year 2038 problem is an issue for computing and data storage situations in which time values are stored or calculated as a signed 32-bit integer" - Wikipedia

Short Answer:

"Y2038 refers to an issue related to the way time is handled by computers. Time is often represented as the number of seconds since Jan 1, 1970. Whenever a 32-bit signed integer is used for this, the maximum value that can be represented is +/- ~68 years, 19 days from the epoch, which corresponds to Jan 19, 2038. What happens after that is system dependent, but generally not good. A computer may act as if its time got reset to Dec 1901, or possibly to the epoch of Jan 1, 1970. It may give unexpected results or crash.

Basically, any software that uses time in any way may potentially have Y2038 issues. While only a small percentage of each software component is typically affected, this is still enough to cause many problems. Embedded systems with 32-bit cores and computers running 32-bit versions of Linux and Windows and are particularly at risk, but even 64-bit computer systems may have problems. In 64-bit computer systems, time can be represented in 64-bit integers, but Y2038 issues may still exist in applications, device drivers, databases, storage systems, and network protocols."​

Resources:
i) FAQ - y2038.com
ii) Year 2038 problem - Wikipedia, the free encyclopedia

Hidden egg, can you spot it?
 
After Y2K I do not think it is a bug or deliberately written code,I have come across time related problem in at least two well known GPS processing software,when contacted the vendor ,they said we have to buy new version . However,we managed to find the solution ,keeping in mind that when our team with no IT background can find the solution so can the vendor.
But if the vendor provides the solution ,how he is going to make money and if he leaves some bug in his software that too is bad for his business,so the solution is Y2K types of bug where no one blames the vendor
 
Still a long year which any improvements, fixes and even creation of new technology will remove that possible Y2038 problem.

Our technology is already at fast pace adjustment.