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Purple wire is a tech slang term for a specific kind of cabling used to alter systems during or after testing or debugging procedures.
Purple wire is simply an informal term used for this kind of cable and its particular role in a system—even if they are not purple in color, but yellow (as is common) or some other color. What is consistently true about purple wire and other cabling is that project managers must figure out how to add pieces or alter systems with proper wire termination, connectors and electrical setups for safety and proper function.
Like other kinds of wires, purple wire is subject to industrial and international standards. For example, many of these types of wires are classified as category five or category six twisted pair cabling that stands up to the specific standards for a given kind of IT hardware system.