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Precision Time Protocol (PTP) is a protocol designed to go beyond what Network Time Protocol (NTP) can offer relative to accuracy. PTP is IEEE standard 1588 that can give local computing systems accuracy within the sub-microsecond range (such as microsecond, nanosecond or picoseconds) whereas NTP is within milliseconds or longer. PTP standard was first released in 2002 and known as 1588-2002. In 2008, the IEEE released a revised standard for PTP, known as 1588-2008, that improved the accuracy and precision of the protocol. It is also known as PTPv2 and is not backward compatible with the older version. PTP was developed for packet based network for control and measurement systems.

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