The utilization of blockchain technology within Internet of Things (IoT) applications presents an opportunity to eliminate the dependency on a single trusted authority, thus improving scalability and reliability. However, prevalent consensus methods employed in blockchain often come with drawbacks, including high energy consumption, substantial computational requirements, and reliance on trusted authorities. These challenges become particularly pronounced when dealing with resource-constrained IoT devices that necessitate lightweight and low-latency consensus mechanisms. In response to these considerations, trust-free probabilistic consensus methods emerge as a promising approach, enabling every node to actively participate in the consensus process and thereby enhancing the robustness of transactions compared to more rigid consensus methods. Blockchain technology has revolutionized various industries by providing a decentralized and secure platform for data storage and transactions. One of the critical components of blockchain systems is the consensus mechanism, which ensures agreement among network participants regarding the validity of transactions. Traditional consensus mechanisms, such as Proof of Work (PoW) and Proof of Stake (PoS), have significant drawbacks, including high energy consumption and susceptibility to centralization. In response to these challenges, new consensus mechanisms, such as Proof of Chance and Proof of Elapsed Work and Luck (PoEWAL), have emerged. PoEWAL is specifically engineered to address the energy and resource limitations of IoT devices, aiming to consume minimal energy, require fewer computational resources, and exhibit low latency. To assess its practical viability, we conducted experiments using the Contiki Cooja simulator, demonstrating that PoEWAL maintains low energy consumption across varying difficulty levels, thereby highlighting its feasibility in real-world IoT scenarios. Moreover, we conducted an in-depth comparative analysis of PoEWAL against established probabilistic consensus methods, including Proof of Chance, Proof of Work, Proof of Stake, Proof of Activity, Algor and, and Proof of Authority. This comprehensive evaluation considered critical factors such as energy efficiency, consensus time, and network latency. The results of this comparative study affirm that PoEWAL emerges as a well-suited consensus mechanism for implementing blockchain in IoT environments. Its performance demonstrates a balanced trade-off between energy efficiency, consensus speed, and overall network performance, positioning PoEWAL as a promising solution for addressing the unique challenges posed by IoT devices with limited resources.