Choosing a Consensus Mechanism for a Blockchain Based P2P Instant Transaction System Integrated with IoT

The Internet of Things (IoT) will play a significant role in the future market of services. Services require payments. Payments must be confirmed as fast as possible to protect customers and merchants. Integration of IoT to peer-to-peer networks provides a need for choosing an appropriate consensus mechanism and other ways to make transactions faster without losing the required level of security. As security of modern blockchain projects is controlled by decentralized applications like smart contracts, reviewed protocols are supporting this technology.