A node for transmitting data associated with a performance measurement, PM, segment selected from at least one segment in respect of communication segments in a segment routing based network, the node comprising: a processor; a memory coupled to the processor for executing a plurality of modules present in the memory, the plurality of modules comprising: a receiving module configured to receive at least one data packet; a detection module configured to detect presence of at least performance measurement metadata associated with the PM segment and contained in the data packet and piggy backed, the performance measurement metadata comprising a performance measured flow, PMF, identifier of a flow, a block identifier, at least one measurement agent details, and an associated role of the measurement agent with a PM type; an identification module configured to identify a role of the node based on the performance measurement metadata detected; an execution module configured to execute performance measurement based on the role identified and the PM type based on the at least the performance measurement metadata received, thereby collecting statistics for the flow of the PM segment, wherein the statistics are collected against at least one key selected from the performance measurement metadata, wherein the at least one key is the PMF identifier and the block identifier included in the performance measurement metadata; a reporting module configured to report the collected statistics with the at least one key and an information associated with the node to at least one other node to determine performance measures associated with the segment in respect of communication segments in the communication network; wherein the block identifier is an identifier for a block of a packet obtained after dividing the flow into multiple blocks, and wherein packets in a block have the same block identifier and consecutive blocks have different block identifiers. a processor; a memory coupled to the processor for executing a plurality of modules present in the memory, the plurality of modules comprising: a receiving module configured to receive at least one data packet; a detection module configured to detect presence of at least performance measurement metadata associated with the PM segment and contained in the data packet and piggy backed, the performance measurement metadata comprising a performance measured flow, PMF, identifier of a flow, a block identifier, at least one measurement agent details, and an associated role of the measurement agent with a PM type; an identification module configured to identify a role of the node based on the performance measurement metadata detected; an execution module configured to execute performance measurement based on the role identified and the PM type based on the at least the performance measurement metadata received, thereby collecting statistics for the flow of the PM segment, wherein the statistics are collected against at least one key selected from the performance measurement metadata, wherein the at least one key is the PMF identifier and the block identifier included in the performance measurement metadata; a reporting module configured to report the collected statistics with the at least one key and an information associated with the node to at least one other node to determine performance measures associated with the segment in respect of communication segments in the communication network; wherein the block identifier is an identifier for a block of a packet obtained after dividing the flow into multiple blocks, and wherein packets in a block have the same block identifier and consecutive blocks have different block identifiers. a receiving module configured to receive at least one data packet; a detection module configured to detect presence of at least performance measurement metadata associated with the PM segment and contained in the data packet and piggy backed, the performance measurement metadata comprising a performance measured flow, PMF, identifier of a flow, a block identifier, at least one measurement agent details, and an associated role of the measurement agent with a PM type; an identification module configured to identify a role of the node based on the performance measurement metadata detected; an execution module configured to execute performance measurement based on the role identified and the PM type based on the at least the performance measurement metadata received, thereby collecting statistics for the flow of the PM segment, wherein the statistics are collected against at least one key selected from the performance measurement metadata, wherein the at least one key is the PMF identifier and the block identifier included in the performance measurement metadata; a reporting module configured to report the collected statistics with the at least one key and an information associated with the node to at least one other node to determine performance measures associated with the segment in respect of communication segments in the communication network; wherein the block identifier is an identifier for a block of a packet obtained after dividing the flow into multiple blocks, and wherein packets in a block have the same block identifier and consecutive blocks have different block identifiers.