diff --git a/Cargo.lock b/Cargo.lock
index 3cd4257e9..1f5f6d949 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -5184,9 +5184,9 @@ checksum = "95059e91184749cb66be6dc994f67f182b6d897cb3df74a5bf66b5e709295fd8"
 
 [[package]]
 name = "thiserror"
-version = "1.0.46"
+version = "1.0.47"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d9207952ae1a003f42d3d5e892dac3c6ba42aa6ac0c79a6a91a2b5cb4253e75c"
+checksum = "97a802ec30afc17eee47b2855fc72e0c4cd62be9b4efe6591edde0ec5bd68d8f"
 dependencies = [
  "thiserror-impl",
 ]
@@ -5213,9 +5213,9 @@ dependencies = [
 
 [[package]]
 name = "thiserror-impl"
-version = "1.0.46"
+version = "1.0.47"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f1728216d3244de4f14f14f8c15c79be1a7c67867d28d69b719690e2a19fb445"
+checksum = "6bb623b56e39ab7dcd4b1b98bb6c8f8d907ed255b18de254088016b27a8ee19b"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/crates/transcode/Cargo.toml b/crates/transcode/Cargo.toml
index 5a2d29610..8cfb74656 100644
--- a/crates/transcode/Cargo.toml
+++ b/crates/transcode/Cargo.toml
@@ -35,7 +35,7 @@ scale = { package = "parity-scale-codec", version = "3.0.0", features = ["derive
 scale-info = { version = "2.8.0", default-features = false, features = ["derive"] }
 serde = { version = "1.0.183", default-features = false, features = ["derive"] }
 serde_json = "1.0.105"
-thiserror = "1.0.45"
+thiserror = "1.0.47"
 strsim = "0.10.0"
 
 [dev-dependencies]