What component of Kerberos is responsible for storing keys for encrypting and decrypting data in the authentication process?

The answer is " Key Allocation Center".

Explanation:

A trustworthy organization which holds and transmits digital certification verified cipher for encrypting and decryption data, which uses the same key.-a reliable encryption archive.

It is the element for an authentication framework, which provides access passes and access keys to satisfy user's applications for services. It is included in a cryptographic system to avoid the associated risks with both the sharing of passwords.