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 (F), wherein the reference committee (REF_CMT) communicates with each peer node through a leader node (LR) 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 (M) comprising unique identifiers corresponding to each peer node among the plurality of peer nodes through the leader node (LR); 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 (M), 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 (F), wherein the reference committee (REF_CMT) communicates with each peer node through a leader node (LR) 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 (M) comprising unique identifiers corresponding to each peer node among the plurality of peer nodes through the leader node (LR); 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 (M), 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). <EOS>