A resource management and allocation method includes detecting a resource request, from a requesting device, requesting a particular resource for a particular time interval and one or more responses to the resource request from other devices within a device group. A master arbiter of the device group identifies a particular response to fulfill the resource request and broadcasts a confirmation of the particular response and the corresponding resource allocation. The resource allocation is recording in a virtual resource bank to indicate the allocation of the particular resource by the particular device for the particular time interval. The device group may constitute a group of Internet of Things (IoT) devices and the master arbiter be implemented by an edge gateway device associated with the device group. The types of resources the IoT devices may possess include processing, storage, sensor, and connectivity resources.