One of the most promising enablers for the secure distributed operation of the Internet of Things (IoT) systems could be based on a mathematical construct widely known as blockchain that aims to neglect the system’s centralization and scalability properties. This paper aims to map the requirements and features of both systems, highlight the main co-existence challenges and technological candidates for smoother integration of IoT and blockchain, as well as provide the standartization outlook. Moreover, an architectural approach to an integrated solution is identified based on classic literature review methodology aiming to consider the IoT versus blockchain characteristics mapping and outlining related challenges. Critical solutions to address the integration bottlenecks include moving from Proof-of-Work (PoW) to Distributed Proof-of-Stake (DPoS) consensus, adding a Fog overlay to the architecture model, and leveraging the synergies combining the benefits of blockchain and IoT technology are highlighted.