Various methods for implementing memory segment access control in a distributed memory environment are provided. One example method may comprise during a first write state for a memory segment receiving a cryptographic key stream in association with a request from a first device for use of shared storage capacity of a second device and causing the cryptographic key stream to be stored in the memory segment. Further, during the second write state for the memory segment, the example method may comprise receiving data content, transforming the date content using the cryptographic key stream to form encrypted data content, and causing the encrypted data content to be stored in the memory segment. Finally, during the first read state, the example method may comprise causing the encrypted data content to be provided to one or more requesting devices. Similar and related example methods, example apparatuses, and example computer program products are also provided.