This disclosure relates generally to the use of distributed system for computation, and more particularly, relates to a method and system for optimizing computation and communication resource while preserving security in the distributed device for computation. In one embodiment, a system and method of utilizing plurality of constrained edge devices for distributed computation is disclosed. The system enables integration of the edge devices like residential gateways and smart phone into a grid of distributed computation. The edged devices with constrained bandwidth, energy, computation capabilities and combination thereof are optimized dynamically based on condition of communication network. The system further enables scheduling and segregation of data, to be analyzed, between the edge devices. The system may further be configured to preserve privacy associated with the data while sharing the data between the plurality of devices during computation.