Existing systems enable secure storage of encryption keys in the form of digital wallets, however, since the keys are preconfigured, they can be prone to malicious attacks. The embodiments herein provide a method and system for randomizing distribution of cryptographic keys across multiple secure key storage devices. The system generates random storage identities (RSIDs) for secure key storage devices by selecting a random storage device from a device portfolio, assigns the RSIDs randomly to create crypto addresses based on random access and partition the devices by deriving crypto addresses. Further, the system generates a user hash function and maps the user hash function to find an associated RSID hash function. The system identifies a device ID, a partition ID and a business date from a device mapper associated with the RSIDs to regenerate new RSIDs and recommends the regenerated new RSIDs randomly to each of the plurality of devices.