With rapid advances made in quantum computing, information theoretic security is of paramount importance for Internet of Things (IoT), particularly for low-powered devices like sensors and actuators, where there is generally little to no room for complex security features. Common Randomness (CR) can be considered as a resource, that can be used for adding information theoretic security to the IoT systems. The most desired CR is a lengthy CR with uniform distribution. In this study, we design and implement channel reciprocity based CR using a Software Defined Radio (SDR). Furthermore, we also implement Quantum Entanglement (QE) assisted CR generation scheme and compare it against the classical channel reciprocity based scheme. The evaluation of both CR generation schemes has been carried out on the basis of National Institute for Statistical Tests (NIST) and bit discrepancy results. We show that QE assisted CR generation is more efficient compared to channel reciprocity based CR, in terms of generating uniformly distributed CR, if the latter is observing slow fading channel.