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Public verification key storage cost is reduced for secure outsourced computation using Novel Attribute Based Encryption (ABE) algorithm. Novel ABE and Rivest Shamir Adleman (RSA) algorithm with sample size=20 was evaluated 10 times, with confidence interval of 95% and at 80% pre-test power to decrease the storage cost of public key. Novel ABE encoding is based on the attributes which are used to reduce the size of storage cost of the public key for flexible data sharing. ABE appears to have reduced storage cost of 1098 bytes compared to RSA storage cost of 6281 bytes. The Novel ABE algorithm appears to have a slight increase in significant value of Pis equal to 0.394 and P is greater than 0.05. ABE shows a decreased storage cost of public key compared to RSA algorithm. [ABSTRACT FROM AUTHOR]