PLEDGE: A Proof-of-Honesty based Consensus Protocol for Blockchain-based IoT Systems

Exhibition of malicious behavior during blockchain consensus, threats against reputation systems, and high TX latency are significant issues for blockchain-based IoT systems. Hence, to mitigate such challenges we propose "Pledge", a unique Proof-of-Honesty based consensus protocol. Initial experimentation shows that Pledge is economical with low computations and communications complexity and low latency in transaction confirmation.