The following video is a demonstration of a viable micro-payments platform called Raiden being used on top of the Crypto-currency and blockchain Ethereum, a likely successor to Bitcoin due to it’s Turing Complete virtual machine and smart contracts.
IOT = The Internet of Things. This demo shows a fast and efficiently settled transaction each 2,000 watt seconds (each 3 seconds in this demo). This may seem high and it is: it’s just a demo to show that the transaction cost is much lower because the transaction is processed localy, not on a global network of machines (the blockchain). This is an off-chain trasaction stream with on-chain setup and teardown of a “payment state channel”.