Neuromorphic systems are a viable alternative to conventional systems for real-time tasks with constrained resources. Their low power consumption, compact hardware realization, and low-latency response characteristics are the key ingredients of such systems. Furthermore, the event-based signal processing approach can be exploited for reducing the computational load and avoiding data loss due to its inherently sparse representation of sensed data and adaptive sampling time. In event-based systems, the information is commonly coded by the number of spikes within a specific temporal window. However, the temporal information of event-based signals can be difficult to extract when using rate coding. In this work, we present a novel digital implementation of the model, called time difference encoder (TDE), for temporal encoding on event-based signals, which translates the time difference between two consecutive input events into a burst of output events. The number of output events along with the time between them encodes the temporal information. The proposed model has been implemented as a digital circuit with a configurable time constant, allowing it to be used in a wide range of sensing tasks that require the encoding of the time difference between events, such as optical flow-based obstacle avoidance, sound source localization, and gas source localization. This proposed bioinspired model offers an alternative to the Jeffress model for the interaural time difference estimation, which is validated in this work with a sound source lateralization proof-of-concept system. The model was simulated and implemented on a field-programmable gate array (FPGA), requiring 122 slice registers of hardware resources and less than 1 mW of power consumption.