A time server is a generic term for a device that receives and distributes time. Time servers are available across the Internet or dedicated devices can be bought that offer higher accuracy and more security.
Whilst many manufacturers produce time server devices and other synchronisation tools they all have one thing in common in that they all utilise Network Time Protocol (NTP).
Whilst NTP is not the only time synchronisation software available it is used in the vast majority of synchronisation tools with some 99% of time synchronisation being conducted using NTP. NTP is a protocol used by everyone from NASA to NASDAQ and owes much of its dominance or the time synchronisation market to the dedicated team that continue to update, upgrade and develop NTP (many of whom do not get paid).
NTP is in fact almost as old as the Internet itself having been unveiled as early as 1979. It was developed by Professor David Mills and his team from Delaware University who continue to update and develop it alongside hundreds of dedicated hobbyists referred to as the Internet timekeepers.
NTP is now on version 4 and versions of NTP are included as standard with most operating systems allowing any Windows or Linux computer to run as a time server. However, for those serious about time synchronisation or wanting to keep a network secure there is no real substitute than a dedicated time server that can distribute time sent directly from an atomic clock using NTP.