Whenever I see the time of a question on the interface, something like this I see the time shared as 2017-02-11 12:46:00Z which is the current time. From calculations it seems the time is in UTC but then what does 'Z' stand for here? Is there a special meaning to Z, some term?
"Zulu", the military time zone which is identical to UTC.
The time zone using UTC is sometimes denoted UTC±00:00 or by the letter Z—a reference to the equivalent nautical time zone (GMT), which has been denoted by a Z since about 1950. Time zones were identified by successive letters of the alphabet and the Greenwich time zone was marked by a Z as it was the point of origin. The letter also refers to the "zone description" of zero hours, which has been used since 1920 (see time zone history). Since the NATO phonetic alphabet word for Z is "Zulu", UTC is sometimes known as "Zulu time". This is especially true in aviation, where "Zulu" is the universal standard. This ensures all pilots regardless of location are using the same 24-hour clock, thus avoiding confusion when flying between time zones. See the list of military time zones for letters used in addition to Z in qualifying time zones other than Greenwich.