This paper gives a study on existing techniques for providing security in the Internet of Things (IoT) networks. First, an overview of IoT is given and it is followed by the security concerns in IoT networks. Then, existing methodologies and techniques for security in IoT are discussed. From this study, it is found that Attribute Based Encryption schemes provide security in a network of resource limited end devices. Comparison of existing methods is done by considering the key security objectives. In order to overcome the disadvantages of a centralized environment, it is seen that IoT implementation supported with ABE in a distributed environment would be better. Finally, the feasibility of implementing such an environment using one of the latest paradigms, called blockchain is also discussed.