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A complete specification was finished in just six months. That was in December 1959. In 1974, COBOL officially changed to four-digit date fields, but that change obviously didn't catch on right away. The COBOL creators played a huge part in the famous Y2K problem because of the use of two-digit year fields they used and did not fix in time. This huge problem cost many companies millions and they say that many of these companies will not solve the problem within their own business until even as late as 2008.
The Y2K problem effected the world as a whole and showed COBOL's impact globally. Analyst firm Gartner estimates that applications managing about 85 percent of the world's business data are written in COBOL...
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