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This plugin uses the function mcrypt_create_iv(), which was deprecated in PHP 7.1 and removed in 7.2. So it will trigger a fatal error in 7.2.
http://php.net/manual/en/function.mcrypt-create-iv.php
It seems the developer has abandoned this plugin, sadly. I did find this replacement available for purchase though, and it seems to be work fine.
https://codecanyon.net/item/gravity-forms-encrypted-fields/18564931