A processor implemented method for securing peer nodes in a blockchain network, the method comprising: initiating, via one or more hardware processors, by a reference committee (REF_CMT) implemented in a blockchain network, a broadcast message requesting each peer node among a plurality of peer nodes to generate a random number directory(rPOOL), comprising random numbers, utilizing a verifiable random number generator function, wherein the reference committee (REF_CMT) communicates with each peer node through a leader node elected by the reference committee (REF_CMT); initiating, via the one or more hardware processors by the reference committee (REF_CMT) to reconfigure members of each sharding committee among a plurality of sharding committees at predefined intervals determined by the reference committee(REF_CMT), wherein each sharding committee includes atleast one peer node as member; receiving, via the one or more hardware processors, by the reference committee (REF_CMT), a first message packet comprising unique identifiers corresponding to each peer node among the plurality of peer nodes through the leader node; sending, via the one or more hardware processors, by the reference committee (REF_CMT), to each peer node among the plurality of nodes a second message packet (M') as a response to the first message packet, wherein, the second message packet is generated by the reference committee (REF_CMT) which enables each peer node of the block chain network to join one of the sharding committee; computing, via the one or more hardware processors, by each peer node among the plurality of peer nodes, utilizing a sharding committee reconfiguration technique, a peer node qualifier parameter (y) based on a theta parameter ( θ), a nonce and a hash ( PK i); and reconfiguring, via the one or more hardware processors, each peer node among the plurality of peer nodes, as member of a sharding committee based on the peer node qualifier parameter (y). initiating, via one or more hardware processors, by a reference committee (REF_CMT) implemented in a blockchain network, a broadcast message requesting each peer node among a plurality of peer nodes to generate a random number directory(rPOOL), comprising random numbers, utilizing a verifiable random number generator function, wherein the reference committee (REF_CMT) communicates with each peer node through a leader node elected by the reference committee (REF_CMT); initiating, via the one or more hardware processors by the reference committee (REF_CMT) to reconfigure members of each sharding committee among a plurality of sharding committees at predefined intervals determined by the reference committee(REF_CMT), wherein each sharding committee includes atleast one peer node as member; receiving, via the one or more hardware processors, by the reference committee (REF_CMT), a first message packet comprising unique identifiers corresponding to each peer node among the plurality of peer nodes through the leader node; sending, via the one or more hardware processors, by the reference committee (REF_CMT), to each peer node among the plurality of nodes a second message packet (M') as a response to the first message packet, wherein, the second message packet is generated by the reference committee (REF_CMT) which enables each peer node of the block chain network to join one of the sharding committee; computing, via the one or more hardware processors, by each peer node among the plurality of peer nodes, utilizing a sharding committee reconfiguration technique, a peer node qualifier parameter (y) based on a theta parameter ( θ), a nonce and a hash ( PK i); and reconfiguring, via the one or more hardware processors, each peer node among the plurality of peer nodes, as member of a sharding committee based on the peer node qualifier parameter (y).