Daniel Dennett has put forward the Multiple Drafts theory of consciousness which begins with a criticism of an assumption, namely, that there is one place in the brain responsible for producing conscious experience. There is no such region in the brain. Moreover, there is no common "finish line" for sensory inputs to produce consciousness, no common point between afferent and efferent paths where consciousness occurs. In Dennett's view,

"all varieties of thought and mental activity are accomplished in the brain by parallel, multi track processes of interpretation and elaboration of sensory inputs. Information entering the nervous system is under continuous 'editorial revision'."... the Multiple Drafts model avoids the mistake of supposing that there must be a single narrative (the 'final' or 'publishable' draft, you might say) that is canonical..."

One consequence of this view is that there is a difference between the objective and subjective order of time. In fact, Dennett speaks of a "time smear' to emphasize the view that consciousness of different features occurs at different locations across the brain. The difference between time as experienced subjectively and time as it exists objectively can explain the phi phenomenon. Dennett diagrams this relation as shown below. Notice that event 5 in objective time is experienced after event 7 since subjective time does not flow in a straight line.

To learn more about Dennett's multiple drafts theory of consciousness, see Consciousness Explained, 1991, Little, Brown and Company.