The use of distributed ledger technology for industrial IoT devices is increasing recently to ensure network security and data protection. Factories and manufacturing plants inclined lately to deploy both Industrial IoT and DLT applications in order to enable autonomous secure operations. IoT helps in simplifying business processes, improving user's experience and leading to better cost efficiencies, while DLT ensures security, transparency and trust. DLT-based IoT supports secure automation for industrial systems and fosters transformation into the industry 4 age. However, DLT still faces several challenges such as scalability, high cost and security. Moreover, there is no clear understanding about DLT-IoT architecture by a wide range of the industrial community. This work introduces DLT as a major key component of industrial IoT systems that benefits the industry with high level of protection and trust. It also surveys different DLT consensus with regard to industry in order to construct a comparative analysis between the most common algorithms. The study concludes by a selection criteria chart for building integrated DLT-IoT solution suitable for different types of businesses.