Stealth address prevents public association of a blockchain transaction’s output with a recipient’s wallet address and hides the actual destination address of a transaction. While stealth address provides an effective privacy-enhancing technology for a cryptocurrency network, it requires blockchain nodes to actively monitor all the transactions and compute the purported destination addresses, which restricts its application for resource-constrained environments like Internet of Things (IoT). In this paper, we propose DKSAP-IoT, a faster dual-key stealth address protocol for blockchain-based IoT systems. DKSAP-IoT utilizes a technique similar to the TLS session resumption to improve the performance and reduce the transaction size at the same time between two communication peers. Our theoretical analysis as well as the extensive experiments on an embedded computing platform demonstrate that DKSAP-IoT is able to reduce the computational overhead by at least 50% when compared to the state-of-the-art scheme, thereby paving the way for its application to blockchain-based IoT systems.