Privacy preservation during information exchange between distributed parties is a tedious task where extensive research has been going on for the past decade. Though anonymization, randomization, and generalization techniques protect the privacy of the data, they equally reduce the utilization of the data while applying data mining functions. So, protecting the privacy as well as not degrading the utility of the data has been a major challenge in Privacy Preservation Data Mining (PPDM). Cryptography in PPDM is one of the many available methods to protect privacy efficiently during information exchange. This paper describes a novel method called One Time Decryption (OTD) method which uses Advanced Encryption Standard (AES) for protecting the privacy of the owner’s sensitive data as well as preserving the utility of the data in a distributed environment. The protocol only uses encryption and decryption algorithms over sensitive attributes and not all the attributes, the time consumed by the protocol is reduced to a very great extent.