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The paper deals with the analysis of the Pocklington integro-differential equation in the time domain and its analytical solution for the transient current induced along the vertical grounding electrode and, as such, represents a continuation of the research pertaining to the horizontal grounding electrode previously reported by one of the authors. The electrode is excited by a current source impressed at one end of the electrode, representing the model of the lightning strike current. A novel analytical solution is derived using the Laplace transform. Results obtained with this time domain solution are compared with the results obtained via analytical solution of the corresponding Pocklington equation in the frequency domain in conjunction with inverse fast Fourier transform (IFFT). The results obtained via different methods are shown to be in a very good agreement. The results of the time domain analytical solution for the vertical electrode are also compared with the results of the time domain analytical solution for the horizontal electrode, where greater influence of earth-air interface on an induced current is observed. These procedures can be implemented as benchmarking techniques as well as tools for rapid estimation of the observed phenomena.