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The PKI has provided a strong platform for the RSA algorithm. In view to overcome limitations in this book a cryptographic method of key management has been proposed that uses the symmetric key algorithm over the asymmetric key algorithm. The symmetric key algorithms do not have any key management scheme. Further, the proposed work uses ant colony based evolutionary computing algorithm to meet the requirement in which the shared secret value changes dynamically with time and matures with the time as numbers of communications among the legitimate users increases. The method proposed has been found have system of key management, which apart from being faster has all the security features. The efficiency in time management in all the aspects namely Key Generation, key Transmission, Key Revocation, Encryption and decryption is found to be much better than the widely used PKI. This speed do not compromise the security aspects of the system, in fact this efficient time management.