Consumer electronics manufacturers have been incorporating support for 4G/5G communication technologies into many electronic devices. Thus, highly capable Internet of Things (IoT)-ready versions of electronic devices are being purchased which will eventually replace traditional consumer electronics. With the goal of creating a smart environment, the IoT devices enable data sharing, sensing, awareness, increased control. Enabled by high-speed networks, the IoT devices function in a group setting thus compounding the attack surface leading to security and privacy concerns. This research is a study on the possibility of incorporating PUF as a basis for group key generation. The challenge here lies in identifying device features that are unique, stable, reproducible and unpredictable by an adversary. Each device generates its own identity leading to collaborative cryptographic key generation in a group setting. The research uses a comprehensive hardware testbed to demonstrate the viability of PUFs for the generation of a symmetric key through collaboration. Detailed analysis of the proposed setup and the symmetric key generation scheme has shown that the system is scalable and offers unrivalled advantages compared to conventional cryptographic implementations.