We introduce the notion of an extended moment in time, the duron. This is a region of temporal ambiguity which arises naturally in the nature of process which we take to be basic. We introduce an algebra of process and show how it is related to, but different from, the monoidal category introduced by Abramsky and Coecke. By considering the limit as the duration of the moment approaches the infinitesimal, we obtain a pair of dynamical equations, one expressed in terms of a commutator and the other which is expressed in terms of an anti-commutator. These two coupled real equations are equivalent to the Schrodinger equation and its dual. We then construct a bi-algebra, which allows us to make contact with the thermal quantum field theory introduced by Umezawa. This allows us to link quantum mechanics with thermodynamics. This approach leads to two types of time, one is Schroedinger time, the other is an irreversible time that can be associated with a movement between inequivalent vacuum states. Finally we discuss the relation between our process algebra and the thermodynamic origin of time.