In a food processor, puree 1 cup of the corn until smooth.
In a saucepan, heat the chicken broth.
In a large skillet, melt the butter. Add the shallot and cook until soft, about 2 minutes. Add the rice and cook, stirring, 3 minutes. Stir in 1 cup of the chicken broth and the pureed corn. Cook, stirring, until the rice has absorbed the liquid, 5 to 7 minutes. Continue cooking with the remaining broth, adding 1 cup at a time.
After the last cup of broth has been absorbed, let the risotto cook 3 minutes, stirring. Add the remaining cup of corn and thyme; cook 2 minutes more. Stir in the Parmesan and salt and black pepper to taste.