Blockchain-based micropayment system for secured cashless small payments

Abstract

The Internet of Things (IoT) is driving a tremendous digitization tsunami right now. IoT devices create huge amounts of data in the internet of everything era. Many IoT data services use distributed ledger technology like blockchains or IOTA. The IOTA Foundation has completely has entirely redesign distributed ledger technology to enable for secure cash and data exchange. It was intended to enable fee-free micro-transactions in the growing IoT device network. It provides a scalable network growth approach as well as transaction confirmations to enable smart device micro-transactions. The quicker the network gets using the IOTA Tangle, the more transactions are verified. IOTA currently has a maximum transaction rate of roughly 7 transactions per second (TPS). The community network reached a maximum of 600 confirmed Transactions Per Second in May 2020. (CTPS). We propose a methodology for integrating Tangle into IoT blockchains in this article, with Tangle serving as the backbone for all IoT devices. We will use two distinct types of interfaces: web and NFC, and we will provide a solution to the message overhead problem caused by message flooding. Also, we would want to present a cost-cutting strategy that drastically cuts transaction time and storage for modest payments. The results clearly reflect the efficacy and efficiency of our framework.