diff --git a/doc/changes/changes_0.1.1.md b/doc/changes/changes_0.2.0.md
similarity index 88%
rename from doc/changes/changes_0.1.1.md
rename to doc/changes/changes_0.2.0.md
index 0bdaa732..ac7e03c1 100644
--- a/doc/changes/changes_0.1.1.md
+++ b/doc/changes/changes_0.2.0.md
@@ -1,4 +1,4 @@
-# advanced-analytics-framework 0.1.1, released ????-??-??
+# 0.2.0 - 2024-12-03
 
 Code name:
 
@@ -20,3 +20,4 @@ Code name:
 * #217: Rename dataflow abstraction files
 * #219: Applied PTB checks and fixes
 * #221: Fixed mypy warnings
+* #233: Upgraded pydantic to version 2
\ No newline at end of file
diff --git a/doc/changes/unreleased.md b/doc/changes/unreleased.md
new file mode 100644
index 00000000..79e701b8
--- /dev/null
+++ b/doc/changes/unreleased.md
@@ -0,0 +1 @@
+# Unreleased
diff --git a/exasol/analytics/udf/communication/broadcast_operation.py b/exasol/analytics/udf/communication/broadcast_operation.py
index 7c1a4fb0..d6b1a44e 100644
--- a/exasol/analytics/udf/communication/broadcast_operation.py
+++ b/exasol/analytics/udf/communication/broadcast_operation.py
@@ -135,7 +135,7 @@ def _check_sequence_number(self, specific_message_obj: messages.Broadcast):
     def _get_and_check_specific_message_obj(
         self, message: messages.Message
     ) -> messages.Broadcast:
-        specific_message_obj = message.__root__
+        specific_message_obj = message.root
         if not isinstance(specific_message_obj, messages.Broadcast):
             raise TypeError(
                 f"Received the wrong message type. "
diff --git a/exasol/analytics/udf/communication/discovery/multi_node/discovery_socket.py b/exasol/analytics/udf/communication/discovery/multi_node/discovery_socket.py
index ccc96c02..e3e37f4d 100644
--- a/exasol/analytics/udf/communication/discovery/multi_node/discovery_socket.py
+++ b/exasol/analytics/udf/communication/discovery/multi_node/discovery_socket.py
@@ -15,7 +15,7 @@ class DiscoverySocket:
     def __init__(self, ip_address: IPAddress, port: Port):
         self._port = port
         self._ip_address = ip_address
-        self._logger = LOGGER.bind(ip_address=ip_address.dict(), port=port.dict())
+        self._logger = LOGGER.bind(ip_address=ip_address.model_dump(), port=port.model_dump())
         self._logger.info("create")
         self._udp_socket = socket.socket(
             socket.AF_INET, socket.SOCK_DGRAM, socket.IPPROTO_UDP
diff --git a/exasol/analytics/udf/communication/gather_operation.py b/exasol/analytics/udf/communication/gather_operation.py
index 3bfa86bd..4634d1fe 100644
--- a/exasol/analytics/udf/communication/gather_operation.py
+++ b/exasol/analytics/udf/communication/gather_operation.py
@@ -251,7 +251,7 @@ def _check_sequence_number(self, specific_message_obj: Gather):
             )
 
     def _get_and_check_specific_message_obj(self, message: messages.Message) -> Gather:
-        specific_message_obj = message.__root__
+        specific_message_obj = message.root
         if not isinstance(specific_message_obj, Gather):
             raise TypeError(
                 f"Received the wrong message type. "
diff --git a/exasol/analytics/udf/communication/messages.py b/exasol/analytics/udf/communication/messages.py
index bfe67f16..08bdf00e 100644
--- a/exasol/analytics/udf/communication/messages.py
+++ b/exasol/analytics/udf/communication/messages.py
@@ -1,6 +1,6 @@
 from typing import Literal, Optional, Union
 
-from pydantic import BaseModel
+from pydantic import BaseModel, Field, RootModel
 
 from exasol.analytics.udf.communication.connection_info import ConnectionInfo
 from exasol.analytics.udf.communication.peer import Peer
@@ -133,8 +133,8 @@ class Broadcast(BaseMessage, frozen=True):
     sequence_number: int
 
 
-class Message(BaseModel, frozen=True):
-    __root__: Union[
+class Message(RootModel, frozen=True):
+    root: Union[
         Ping,
         RegisterPeer,
         AcknowledgeRegisterPeer,
@@ -156,4 +156,4 @@ class Message(BaseModel, frozen=True):
         Timeout,
         Gather,
         Broadcast,
-    ]
+    ] = Field(discriminator='message_type')
diff --git a/exasol/analytics/udf/communication/peer_communicator/abort_timeout_sender.py b/exasol/analytics/udf/communication/peer_communicator/abort_timeout_sender.py
index ace5d44b..c41d2cbc 100644
--- a/exasol/analytics/udf/communication/peer_communicator/abort_timeout_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/abort_timeout_sender.py
@@ -32,7 +32,7 @@ def __init__(
         self._out_control_socket = out_control_socket
         self._states = _States.INIT
         self._logger = LOGGER.bind(
-            peer=peer.dict(), my_connection_info=my_connection_info.dict()
+            peer=peer.model_dump(), my_connection_info=my_connection_info.model_dump()
         )
 
     def stop(self):
diff --git a/exasol/analytics/udf/communication/peer_communicator/acknowledge_register_peer_sender.py b/exasol/analytics/udf/communication/peer_communicator/acknowledge_register_peer_sender.py
index 777fba08..5d97359f 100644
--- a/exasol/analytics/udf/communication/peer_communicator/acknowledge_register_peer_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/acknowledge_register_peer_sender.py
@@ -34,8 +34,8 @@ def __init__(
         self._peer = peer
         self._send_attempt_count = 0
         self._logger = LOGGER.bind(
-            peer=peer.dict(),
-            my_connection_info=my_connection_info.dict(),
+            peer=peer.model_dump(),
+            my_connection_info=my_connection_info.model_dump(),
             needs_to_send_for_peer=self._needs_to_send_for_peer,
         )
         self._logger.debug("init")
diff --git a/exasol/analytics/udf/communication/peer_communicator/background_listener_interface.py b/exasol/analytics/udf/communication/peer_communicator/background_listener_interface.py
index cadd8933..7f0f3f95 100644
--- a/exasol/analytics/udf/communication/peer_communicator/background_listener_interface.py
+++ b/exasol/analytics/udf/communication/peer_communicator/background_listener_interface.py
@@ -105,7 +105,7 @@ def _get_my_connection_info(self) -> ConnectionInfo:
         try:
             received = self._out_control.socket.receive()
             generic = deserialize_message(received, messages.Message)
-            message = generic.__root__
+            message = generic.root
             if not isinstance(message, messages.MyConnectionInfo):
                 raise UnexpectedMessageError(
                     f"Unexpected message of type {type(message)}."
diff --git a/exasol/analytics/udf/communication/peer_communicator/background_listener_thread.py b/exasol/analytics/udf/communication/peer_communicator/background_listener_thread.py
index 504c52cd..5faa3926 100644
--- a/exasol/analytics/udf/communication/peer_communicator/background_listener_thread.py
+++ b/exasol/analytics/udf/communication/peer_communicator/background_listener_thread.py
@@ -240,7 +240,7 @@ def _handle_control_message(self, frames: List[Frame]) -> Status:
             message_obj: messages.Message = deserialize_message(
                 frames[0].to_bytes(), messages.Message
             )
-            specific_message_obj = message_obj.__root__
+            specific_message_obj = message_obj.root
             if isinstance(specific_message_obj, messages.Stop):
                 return BackgroundListenerThread.Status.STOPPED
             elif isinstance(specific_message_obj, PrepareToStop):
@@ -251,13 +251,13 @@ def _handle_control_message(self, frames: List[Frame]) -> Status:
                 else:
                     self._logger.error(
                         "RegisterPeer message not allowed",
-                        message_obj=specific_message_obj.dict(),
+                        message_obj=specific_message_obj.model_dump(),
                     )
             elif isinstance(specific_message_obj, messages.Payload):
                 self.send_payload(payload=specific_message_obj, frames=frames)
             else:
                 self._logger.error(
-                    "Unknown message type", message_obj=specific_message_obj.dict()
+                    "Unknown message type", message_obj=specific_message_obj.model_dump()
                 )
         except Exception as e:
             self._logger.exception("Exception during handling message", message=frames)
@@ -291,8 +291,8 @@ def _add_peer(
         ):
             self._logger.error(
                 "Peer belongs to a different group",
-                my_connection_info=self._my_connection_info.dict(),
-                peer=peer.dict(),
+                my_connection_info=self._my_connection_info.model_dump(),
+                peer=peer.model_dump(),
             )
             raise ValueError("Peer belongs to a different group")
         if peer not in self._peer_state:
@@ -321,7 +321,7 @@ def _handle_listener_message(self, frames: List[Frame]):
             message_obj: messages.Message = deserialize_message(
                 message_content_bytes, messages.Message
             )
-            specific_message_obj = message_obj.__root__
+            specific_message_obj = message_obj.root
             if isinstance(specific_message_obj, messages.SynchronizeConnection):
                 self._handle_synchronize_connection(specific_message_obj)
             elif isinstance(specific_message_obj, messages.AcknowledgeConnection):
@@ -336,7 +336,7 @@ def _handle_listener_message(self, frames: List[Frame]):
                 else:
                     logger.error(
                         "RegisterPeer message not allowed",
-                        message_obj=specific_message_obj.dict(),
+                        message_obj=specific_message_obj.model_dump(),
                     )
             elif isinstance(specific_message_obj, messages.AcknowledgeRegisterPeer):
                 self._handle_acknowledge_register_peer_message(specific_message_obj)
@@ -348,7 +348,7 @@ def _handle_listener_message(self, frames: List[Frame]):
                 self._handle_acknowledge_payload_message(specific_message_obj)
             else:
                 logger.error(
-                    "Unknown message type", message_obj=specific_message_obj.dict()
+                    "Unknown message type", message_obj=specific_message_obj.model_dump()
                 )
         except Exception as e:
             logger.exception(
@@ -450,7 +450,7 @@ def _handle_acknowledge_register_peer_message(
         if self._register_peer_connection.successor != message.source:
             self._logger.error(
                 "AcknowledgeRegisterPeer message not from successor",
-                message_obj=message.dict(),
+                message_obj=message.model_dump(),
             )
         peer = message.peer
         self._peer_state[peer].received_acknowledge_register_peer()
@@ -463,7 +463,7 @@ def _handle_register_peer_complete_message(
         if self._register_peer_connection.predecessor != message.source:
             self._logger.error(
                 "RegisterPeerComplete message not from predecessor",
-                message_obj=message.dict(),
+                message_obj=message.model_dump(),
             )
         peer = message.peer
         self._peer_state[peer].received_register_peer_complete()
diff --git a/exasol/analytics/udf/communication/peer_communicator/background_peer_state.py b/exasol/analytics/udf/communication/peer_communicator/background_peer_state.py
index fc13b1c3..2cce5539 100644
--- a/exasol/analytics/udf/communication/peer_communicator/background_peer_state.py
+++ b/exasol/analytics/udf/communication/peer_communicator/background_peer_state.py
@@ -45,8 +45,8 @@ def __init__(
         self._sender = sender
         self._prepare_to_stop = False
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=self._my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=self._my_connection_info.model_dump(),
         )
         self._logger.debug("__init__")
 
diff --git a/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/close_connection_sender.py b/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/close_connection_sender.py
index 6738cc35..0e545376 100644
--- a/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/close_connection_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/close_connection_sender.py
@@ -25,7 +25,7 @@ def __init__(
         self._send_attempt_count = 0
         self._peer = peer
         self._logger = LOGGER.bind(
-            peer=peer.dict(), my_connection_info=my_connection_info.dict()
+            peer=peer.model_dump(), my_connection_info=my_connection_info.model_dump()
         )
         self._logger.debug("init")
 
@@ -47,7 +47,7 @@ def _send(self):
         else:
             self._logger.warning("resend", send_attempt_count=self._send_attempt_count)
         message = messages.Message(
-            __root__=messages.CloseConnection(
+            root=messages.CloseConnection(
                 source=self._my_connection_info,
                 destination=self._peer,
                 attempt=self._send_attempt_count,
diff --git a/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_closer.py b/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_closer.py
index 2ec8141e..b8684213 100644
--- a/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_closer.py
+++ b/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_closer.py
@@ -35,15 +35,15 @@ def __init__(
         self._peer = peer
         self._sender = sender
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=self._my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=self._my_connection_info.model_dump(),
         )
 
     def received_close_connection(self):
         self._logger.debug("received_synchronize_connection")
         self._sender.send(
             Message(
-                __root__=messages.AcknowledgeCloseConnection(
+                root=messages.AcknowledgeCloseConnection(
                     source=self._my_connection_info, destination=self._peer
                 )
             )
diff --git a/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_is_closed_sender.py b/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_is_closed_sender.py
index d0120838..fddc1f6c 100644
--- a/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_is_closed_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/background_thread/connection_closer/connection_is_closed_sender.py
@@ -33,8 +33,8 @@ def __init__(
         self._out_control_socket = out_control_socket
         self._states = _States.INIT
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=my_connection_info.model_dump(),
         )
         self._logger.debug("init")
 
diff --git a/exasol/analytics/udf/communication/peer_communicator/connection_establisher.py b/exasol/analytics/udf/communication/peer_communicator/connection_establisher.py
index b171c86e..b7f33aaa 100644
--- a/exasol/analytics/udf/communication/peer_communicator/connection_establisher.py
+++ b/exasol/analytics/udf/communication/peer_communicator/connection_establisher.py
@@ -36,8 +36,8 @@ def __init__(
         self._peer = peer
         self._sender = sender
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=self._my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=self._my_connection_info.model_dump(),
         )
         self._send_initial_messages()
 
@@ -48,7 +48,7 @@ def received_synchronize_connection(self):
         self._logger.debug("received_synchronize_connection")
         self._sender.send(
             Message(
-                __root__=messages.AcknowledgeConnection(
+                root=messages.AcknowledgeConnection(
                     source=self._my_connection_info, destination=self._peer
                 )
             )
diff --git a/exasol/analytics/udf/communication/peer_communicator/connection_is_ready_sender.py b/exasol/analytics/udf/communication/peer_communicator/connection_is_ready_sender.py
index 20cf61a9..aba44340 100644
--- a/exasol/analytics/udf/communication/peer_communicator/connection_is_ready_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/connection_is_ready_sender.py
@@ -33,8 +33,8 @@ def __init__(
         self._out_control_socket = out_control_socket
         self._states = _States.INIT
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=my_connection_info.model_dump(),
         )
         self._logger.debug("init")
 
diff --git a/exasol/analytics/udf/communication/peer_communicator/frontend_peer_state.py b/exasol/analytics/udf/communication/peer_communicator/frontend_peer_state.py
index e66961bf..c79c97ea 100644
--- a/exasol/analytics/udf/communication/peer_communicator/frontend_peer_state.py
+++ b/exasol/analytics/udf/communication/peer_communicator/frontend_peer_state.py
@@ -37,7 +37,7 @@ def __init__(
         self._peer_register_forwarder_is_ready = False
         self._sequence_number = 0
         self._logger = LOGGER.bind(
-            peer=peer.dict(), my_connection_info=my_connection_info.dict()
+            peer=peer.model_dump(), my_connection_info=my_connection_info.model_dump()
         )
 
     def _next_sequence_number(self):
@@ -72,7 +72,7 @@ def send(self, payload: List[Frame]):
             destination=self._peer,
             sequence_number=self._next_sequence_number(),
         )
-        self._logger.debug("send", message=message.dict())
+        self._logger.debug("send", message=message.model_dump())
         self._background_listener.send_payload(message=message, payload=payload)
         return message.sequence_number
 
diff --git a/exasol/analytics/udf/communication/peer_communicator/payload_receiver.py b/exasol/analytics/udf/communication/peer_communicator/payload_receiver.py
index 461c0f1b..048e3fa2 100644
--- a/exasol/analytics/udf/communication/peer_communicator/payload_receiver.py
+++ b/exasol/analytics/udf/communication/peer_communicator/payload_receiver.py
@@ -25,14 +25,14 @@ def __init__(
         self._out_control_socket = out_control_socket
         self._sender = sender
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=self._my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=self._my_connection_info.model_dump(),
         )
         self._next_received_payload_sequence_number = 0
         self._received_payload_dict: Dict[int, List[Frame]] = {}
 
     def received_payload(self, message: messages.Payload, frames: List[Frame]):
-        self._logger.info("received_payload", message=message.dict())
+        self._logger.info("received_payload", message=message.model_dump())
         self._send_acknowledge_payload_message(message.sequence_number)
         if message.sequence_number == self._next_received_payload_sequence_number:
             self._forward_new_message_directly(message, frames)
@@ -43,13 +43,13 @@ def received_payload(self, message: messages.Payload, frames: List[Frame]):
     def _add_new_message_to_buffer(
         self, message: messages.Payload, frames: List[Frame]
     ):
-        self._logger.info("put_to_buffer", message=message.dict())
+        self._logger.info("put_to_buffer", message=message.model_dump())
         self._received_payload_dict[message.sequence_number] = frames
 
     def _forward_new_message_directly(
         self, message: messages.Payload, frames: List[Frame]
     ):
-        self._logger.info("forward_from_message", message=message.dict())
+        self._logger.info("forward_from_message", message=message.model_dump())
         self._forward_received_payload(frames)
 
     def _forward_messages_from_buffer(self):
@@ -74,10 +74,10 @@ def _send_acknowledge_payload_message(self, sequence_number: int):
         )
         self._logger.info(
             "_send_acknowledge_payload_message",
-            message=acknowledge_payload_message.dict(),
+            message=acknowledge_payload_message.model_dump(),
         )
         self._sender.send(
-            message=messages.Message(__root__=acknowledge_payload_message)
+            message=messages.Message(root=acknowledge_payload_message)
         )
 
     def _forward_received_payload(self, frames: List[Frame]):
diff --git a/exasol/analytics/udf/communication/peer_communicator/payload_sender.py b/exasol/analytics/udf/communication/peer_communicator/payload_sender.py
index bb46d710..9c987b82 100644
--- a/exasol/analytics/udf/communication/peer_communicator/payload_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/payload_sender.py
@@ -45,8 +45,8 @@ def __init__(
         self._payload_message_sender_factory = payload_message_sender_factory
         self._sender = sender
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=self._my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=self._my_connection_info.model_dump(),
         )
         self._next_send_payload_sequence_number = 0
         self._payload_message_sender_dict: Dict[int, PayloadMessageSender] = (
@@ -58,16 +58,16 @@ def try_send(self):
             payload_sender.try_send()
 
     def received_acknowledge_payload(self, message: messages.AcknowledgePayload):
-        self._logger.info("received_acknowledge_payload", message=message.dict())
+        self._logger.info("received_acknowledge_payload", message=message.model_dump())
         if message.sequence_number in self._payload_message_sender_dict:
             self._payload_message_sender_dict[message.sequence_number].stop()
             del self._payload_message_sender_dict[message.sequence_number]
             self._out_control_socket.send(
-                serialize_message(messages.Message(__root__=message))
+                serialize_message(messages.Message(root=message))
             )
 
     def send_payload(self, message: messages.Payload, frames: List[Frame]):
-        self._logger.info("send_payload", message=message.dict())
+        self._logger.info("send_payload", message=message.model_dump())
         self._payload_message_sender_dict[message.sequence_number] = (
             self._payload_message_sender_factory.create(
                 message=message,
diff --git a/exasol/analytics/udf/communication/peer_communicator/peer_communicator.py b/exasol/analytics/udf/communication/peer_communicator/peer_communicator.py
index d59faee0..ab59dc99 100644
--- a/exasol/analytics/udf/communication/peer_communicator/peer_communicator.py
+++ b/exasol/analytics/udf/communication/peer_communicator/peer_communicator.py
@@ -84,7 +84,7 @@ def __init__(
         )
         self._my_connection_info = self._background_listener.my_connection_info
         self._logger = self._logger.bind(
-            my_connection_info=self._my_connection_info.dict()
+            my_connection_info=self._my_connection_info.model_dump()
         )
         self._logger.info("my_connection_info")
         self._peer_states: Dict[Peer, FrontendPeerState] = {}
@@ -93,7 +93,7 @@ def _handle_messages(self, timeout_in_milliseconds: Optional[int] = 0):
         for message_obj, frames in self._background_listener.receive_messages(
             timeout_in_milliseconds
         ):
-            specific_message_obj = message_obj.__root__
+            specific_message_obj = message_obj.root
             if isinstance(specific_message_obj, messages.ConnectionIsReady):
                 peer = specific_message_obj.peer
                 self._add_peer_state(peer)
@@ -122,7 +122,7 @@ def _handle_messages(self, timeout_in_milliseconds: Optional[int] = 0):
                 raise TimeoutError(specific_message_obj.reason)
             else:
                 self._logger.error(
-                    "Unknown message", message_obj=specific_message_obj.dict()
+                    "Unknown message", message_obj=specific_message_obj.model_dump()
                 )
 
     def _add_peer_state(self, peer: Peer):
@@ -170,7 +170,7 @@ def peers(self, timeout_in_milliseconds: Optional[int] = None) -> List[Peer]:
 
     def register_peer(self, peer_connection_info: ConnectionInfo):
         self._logger.info(
-            "register_peer", peer_connection_info=peer_connection_info.dict()
+            "register_peer", peer_connection_info=peer_connection_info.model_dump()
         )
         self._handle_messages()
         if (
diff --git a/exasol/analytics/udf/communication/peer_communicator/register_peer_connection.py b/exasol/analytics/udf/communication/peer_communicator/register_peer_connection.py
index d23ec86e..1cbd49f9 100644
--- a/exasol/analytics/udf/communication/peer_communicator/register_peer_connection.py
+++ b/exasol/analytics/udf/communication/peer_communicator/register_peer_connection.py
@@ -26,9 +26,9 @@ def __init__(
         my_connection_info: ConnectionInfo,
     ):
         self._logger = LOGGER.bind(
-            successor=successor.dict(),
-            predecessor=None if predecessor is None else predecessor.dict(),
-            my_connection_info=my_connection_info.dict(),
+            successor=successor.model_dump(),
+            predecessor=None if predecessor is None else predecessor.model_dump(),
+            my_connection_info=my_connection_info.model_dump(),
         )
         self._successor = successor
         self._predecessor = predecessor
@@ -49,7 +49,7 @@ def predecessor(self) -> Optional[Peer]:
         return self._predecessor
 
     def forward(self, peer: Peer):
-        self._logger.debug("forward", peer=peer.dict())
+        self._logger.debug("forward", peer=peer.model_dump())
         message = messages.RegisterPeer(
             peer=peer, source=Peer(connection_info=self._my_connection_info)
         )
@@ -57,7 +57,7 @@ def forward(self, peer: Peer):
         self._successor_socket.send(serialized_message)
 
     def ack(self, peer: Peer):
-        self._logger.debug("ack", peer=peer.dict())
+        self._logger.debug("ack", peer=peer.model_dump())
         if self._predecessor_socket is not None:
             message = messages.AcknowledgeRegisterPeer(
                 peer=peer, source=Peer(connection_info=self._my_connection_info)
@@ -66,7 +66,7 @@ def ack(self, peer: Peer):
             self._predecessor_socket.send(serialized_message)
 
     def complete(self, peer: Peer):
-        self._logger.debug("complete", peer=peer.dict())
+        self._logger.debug("complete", peer=peer.model_dump())
         message = messages.RegisterPeerComplete(
             peer=peer, source=Peer(connection_info=self._my_connection_info)
         )
diff --git a/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder.py b/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder.py
index 18afbcbc..da3f5834 100644
--- a/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder.py
+++ b/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder.py
@@ -49,8 +49,8 @@ def __init__(
         self._peer = peer
         self._sender = sender
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=self._my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=self._my_connection_info.model_dump(),
         )
         self._send_initial_messages()
 
diff --git a/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder_is_ready_sender.py b/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder_is_ready_sender.py
index bc46085a..05c5375f 100644
--- a/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder_is_ready_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/register_peer_forwarder_is_ready_sender.py
@@ -41,8 +41,8 @@ def __init__(
         self._out_control_socket = out_control_socket
         self._states = _States.INIT
         self._logger = LOGGER.bind(
-            peer=self._peer.dict(),
-            my_connection_info=my_connection_info.dict(),
+            peer=self._peer.model_dump(),
+            my_connection_info=my_connection_info.model_dump(),
             behavior_config=asdict(self._behavior_config),
         )
 
diff --git a/exasol/analytics/udf/communication/peer_communicator/register_peer_sender.py b/exasol/analytics/udf/communication/peer_communicator/register_peer_sender.py
index a53b3b91..0ab9d2d9 100644
--- a/exasol/analytics/udf/communication/peer_communicator/register_peer_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/register_peer_sender.py
@@ -34,8 +34,8 @@ def __init__(
         self._peer = peer
         self._send_attempt_count = 0
         self._logger = LOGGER.bind(
-            peer=peer.dict(),
-            my_connection_info=my_connection_info.dict(),
+            peer=peer.model_dump(),
+            my_connection_info=my_connection_info.model_dump(),
             needs_to_send_for_peer=self._needs_to_send_for_peer,
         )
         self._logger.debug("init")
diff --git a/exasol/analytics/udf/communication/peer_communicator/sender.py b/exasol/analytics/udf/communication/peer_communicator/sender.py
index 9915aee4..e9ab7699 100644
--- a/exasol/analytics/udf/communication/peer_communicator/sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/sender.py
@@ -35,7 +35,7 @@ def __init__(
 
     def send(self, message: Message):
         with self._send_socket_factory.create_send_socket() as send_socket:
-            serialized_message = serialize_message(message.__root__)
+            serialized_message = serialize_message(message.root)
             send_socket.send(serialized_message)
             send_socket.close(self._send_socket_linger_time_in_ms)
 
diff --git a/exasol/analytics/udf/communication/peer_communicator/synchronize_connection_sender.py b/exasol/analytics/udf/communication/peer_communicator/synchronize_connection_sender.py
index 964bbd1e..490d7a08 100644
--- a/exasol/analytics/udf/communication/peer_communicator/synchronize_connection_sender.py
+++ b/exasol/analytics/udf/communication/peer_communicator/synchronize_connection_sender.py
@@ -25,7 +25,7 @@ def __init__(
         self._finished = False
         self._send_attempt_count = 0
         self._logger = LOGGER.bind(
-            peer=peer.dict(), my_connection_info=my_connection_info.dict()
+            peer=peer.model_dump(), my_connection_info=my_connection_info.model_dump()
         )
         self._logger.debug("init")
 
@@ -47,7 +47,7 @@ def _send(self):
         else:
             self._logger.warning("resend", send_attempt_count=self._send_attempt_count)
         message = messages.Message(
-            __root__=messages.SynchronizeConnection(
+            root=messages.SynchronizeConnection(
                 source=self._my_connection_info,
                 destination=self._peer,
                 attempt=self._send_attempt_count,
diff --git a/exasol/analytics/udf/communication/serialization.py b/exasol/analytics/udf/communication/serialization.py
index b211efef..c0e018c9 100644
--- a/exasol/analytics/udf/communication/serialization.py
+++ b/exasol/analytics/udf/communication/serialization.py
@@ -4,7 +4,7 @@
 
 
 def serialize_message(obj: BaseModel) -> bytes:
-    json_str = obj.json()
+    json_str = obj.model_dump_json()
     return json_str.encode("UTF-8")
 
 
diff --git a/poetry.lock b/poetry.lock
index 756e27e7..fb4e4be6 100644
--- a/poetry.lock
+++ b/poetry.lock
@@ -11,6 +11,17 @@ files = [
     {file = "alabaster-0.7.16.tar.gz", hash = "sha256:75a8b99c28a5dad50dd7f8ccdd447a121ddb3892da9e53d1ca5cca3106d58d65"},
 ]
 
+[[package]]
+name = "annotated-types"
+version = "0.7.0"
+description = "Reusable constraint types to use with typing.Annotated"
+optional = false
+python-versions = ">=3.8"
+files = [
+    {file = "annotated_types-0.7.0-py3-none-any.whl", hash = "sha256:1f02e8b43a8fbbc3f3e0d4f0f4bfc8131bcb4eebe8849b8e5c773f3a1c582a53"},
+    {file = "annotated_types-0.7.0.tar.gz", hash = "sha256:aff07c09a53a08bc8cfccb9c85b05f1aa9a2a6f23728d790723543408344ce89"},
+]
+
 [[package]]
 name = "anyio"
 version = "4.6.0"
@@ -1853,62 +1864,135 @@ files = [
 
 [[package]]
 name = "pydantic"
-version = "1.10.18"
-description = "Data validation and settings management using python type hints"
+version = "2.10.2"
+description = "Data validation using Python type hints"
 optional = false
-python-versions = ">=3.7"
+python-versions = ">=3.8"
+files = [
+    {file = "pydantic-2.10.2-py3-none-any.whl", hash = "sha256:cfb96e45951117c3024e6b67b25cdc33a3cb7b2fa62e239f7af1378358a1d99e"},
+    {file = "pydantic-2.10.2.tar.gz", hash = "sha256:2bc2d7f17232e0841cbba4641e65ba1eb6fafb3a08de3a091ff3ce14a197c4fa"},
+]
+
+[package.dependencies]
+annotated-types = ">=0.6.0"
+pydantic-core = "2.27.1"
+typing-extensions = ">=4.12.2"
+
+[package.extras]
+email = ["email-validator (>=2.0.0)"]
+timezone = ["tzdata"]
+
+[[package]]
+name = "pydantic-core"
+version = "2.27.1"
+description = "Core functionality for Pydantic validation and serialization"
+optional = false
+python-versions = ">=3.8"
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+[package.dependencies]
+typing-extensions = ">=4.6.0,<4.7.0 || >4.7.0"
 
 [[package]]
 name = "pydot"
@@ -3257,4 +3341,4 @@ type = ["pytest-mypy"]
 [metadata]
 lock-version = "2.0"
 python-versions = ">=3.10,<4"
-content-hash = "d105b9a8ebc6775ea37159016a69afbf31a01e8ba9e86355b685f5bab64fc244"
+content-hash = "13c21c71da4dfa32d0fbf27e97945161937c95f95550e1387d44703846c75f11"
diff --git a/pyproject.toml b/pyproject.toml
index 6e3f216d..9af61693 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "exasol-advanced-analytics-framework"
-version = "0.1.0"
+version = "0.2.0"
 description = "Framework for building complex data analysis algorithms with Exasol"
 
 packages = [
@@ -27,7 +27,7 @@ exasol-bucketfs = ">=0.6.0,<1.0.0"
 click = "^8.0.4"
 pyexasol = ">=0.25.0,<1.0.0"
 pandas = "^2.2.3"
-pydantic = "^1.10.2"
+pydantic = "^2.10.2"
 pyzmq = "^26.0.3"
 sortedcontainers = "^2.4.0"
 structlog = "^24.2.0"
diff --git a/tests/unit_tests/udf_communication/peer_communication/background_thread/connection_closer/test_connection_closer.py b/tests/unit_tests/udf_communication/peer_communication/background_thread/connection_closer/test_connection_closer.py
index 9ac580f5..1e65c4b0 100644
--- a/tests/unit_tests/udf_communication/peer_communication/background_thread/connection_closer/test_connection_closer.py
+++ b/tests/unit_tests/udf_communication/peer_communication/background_thread/connection_closer/test_connection_closer.py
@@ -120,7 +120,7 @@ def test_received_close_connection():
         == [
             call.send(
                 Message(
-                    __root__=messages.AcknowledgeCloseConnection(
+                    root=messages.AcknowledgeCloseConnection(
                         source=test_setup.my_connection_info,
                         destination=test_setup.peer,
                     )
diff --git a/tests/unit_tests/udf_communication/peer_communication/test_connection_establisher.py b/tests/unit_tests/udf_communication/peer_communication/test_connection_establisher.py
index 8fc3b930..50c1e268 100644
--- a/tests/unit_tests/udf_communication/peer_communication/test_connection_establisher.py
+++ b/tests/unit_tests/udf_communication/peer_communication/test_connection_establisher.py
@@ -120,7 +120,7 @@ def test_received_synchronize_connection():
         == [
             call.send(
                 Message(
-                    __root__=AcknowledgeConnection(
+                    root=AcknowledgeConnection(
                         source=test_setup.my_connection_info,
                         destination=test_setup.peer,
                     )
diff --git a/tests/unit_tests/udf_communication/peer_communication/test_payload_receiver.py b/tests/unit_tests/udf_communication/peer_communication/test_payload_receiver.py
index 075a7286..f8d40f11 100644
--- a/tests/unit_tests/udf_communication/peer_communication/test_payload_receiver.py
+++ b/tests/unit_tests/udf_communication/peer_communication/test_payload_receiver.py
@@ -65,7 +65,7 @@ def create_acknowledge_payload_message(
     test_setup: TestSetup, message: messages.Payload
 ) -> messages.Message:
     acknowledge_message = messages.Message(
-        __root__=messages.AcknowledgePayload(
+        root=messages.AcknowledgePayload(
             source=Peer(connection_info=test_setup.my_connection_info),
             sequence_number=message.sequence_number,
             destination=test_setup.peer,
diff --git a/tests/unit_tests/udf_communication/peer_communication/test_payload_sender.py b/tests/unit_tests/udf_communication/peer_communication/test_payload_sender.py
index dd25d134..447d8573 100644
--- a/tests/unit_tests/udf_communication/peer_communication/test_payload_sender.py
+++ b/tests/unit_tests/udf_communication/peer_communication/test_payload_sender.py
@@ -103,7 +103,7 @@ def create_acknowledge_payload_message(
     test_setup: TestSetup, message: messages.Payload
 ) -> messages.Message:
     acknowledge_message = messages.Message(
-        __root__=messages.AcknowledgePayload(
+        root=messages.AcknowledgePayload(
             source=Peer(connection_info=test_setup.my_connection_info),
             sequence_number=message.sequence_number,
             destination=test_setup.peer,
@@ -194,7 +194,7 @@ def test_received_acknowledge_payload_after_send_payload():
         test_setup, payload_message
     )
     test_setup.payload_sender.received_acknowledge_payload(
-        message=acknowledge_payload_message.__root__
+        message=acknowledge_payload_message.root
     )
     assert (
         test_setup.out_control_socket_mock.mock_calls
@@ -214,11 +214,11 @@ def test_received_acknowledge_payload_twice_after_send_payload():
         test_setup, payload_message
     )
     test_setup.payload_sender.received_acknowledge_payload(
-        message=acknowledge_payload_message.__root__
+        message=acknowledge_payload_message.root
     )
     test_setup.reset_mock()
     test_setup.payload_sender.received_acknowledge_payload(
-        message=acknowledge_payload_message.__root__
+        message=acknowledge_payload_message.root
     )
     assert (
         test_setup.out_control_socket_mock.mock_calls == []
diff --git a/tests/unit_tests/udf_communication/peer_communication/test_synchronize_connection_sender.py b/tests/unit_tests/udf_communication/peer_communication/test_synchronize_connection_sender.py
index a5b3ad2a..df7947b5 100644
--- a/tests/unit_tests/udf_communication/peer_communication/test_synchronize_connection_sender.py
+++ b/tests/unit_tests/udf_communication/peer_communication/test_synchronize_connection_sender.py
@@ -91,7 +91,7 @@ def test_try_send_after_init_and_is_time_false_and_force():
     assert test_setup.sender_mock.mock_calls == [
         call.send(
             messages.Message(
-                __root__=messages.SynchronizeConnection(
+                root=messages.SynchronizeConnection(
                     source=test_setup.my_connection_info,
                     destination=test_setup.peer,
                     attempt=1,
@@ -111,7 +111,7 @@ def test_try_send_after_init_and_is_time_true():
     assert test_setup.sender_mock.mock_calls == [
         call.send(
             messages.Message(
-                __root__=messages.SynchronizeConnection(
+                root=messages.SynchronizeConnection(
                     source=test_setup.my_connection_info,
                     destination=test_setup.peer,
                     attempt=1,
@@ -132,7 +132,7 @@ def test_try_send_twice_and_is_time_true():
     assert test_setup.sender_mock.mock_calls == [
         call.send(
             messages.Message(
-                __root__=messages.SynchronizeConnection(
+                root=messages.SynchronizeConnection(
                     source=test_setup.my_connection_info,
                     destination=test_setup.peer,
                     attempt=2,
diff --git a/tests/unit_tests/udf_communication/test_messages.py b/tests/unit_tests/udf_communication/test_messages.py
index d7546144..c389514e 100644
--- a/tests/unit_tests/udf_communication/test_messages.py
+++ b/tests/unit_tests/udf_communication/test_messages.py
@@ -2,7 +2,7 @@
 
 import pytest
 from polyfactory.factories.pydantic_factory import ModelFactory
-from pydantic.fields import ModelField
+from pydantic.fields import FieldInfo
 
 from exasol.analytics.udf.communication.messages import *
 from exasol.analytics.udf.communication.serialization import (
@@ -19,7 +19,7 @@ def test_message_serialization(message_class: Type):
     message = factory.build()
     byte_string = serialize_message(message)
     obj = deserialize_message(byte_string, Message)
-    assert message == obj.__root__
+    assert message == obj.root
 
 
 @pytest.mark.parametrize("message_class", base_message_subclasses)
@@ -33,6 +33,6 @@ def test_message_type(message_class: Type):
 
 
 def test_all_base_message_subclasses_are_registered_in_root_field_of_message():
-    root_field: ModelField = Message.__fields__["__root__"]
-    classes_in_root_field = set(get_args(root_field.type_))
+    root_field: FieldInfo = Message.model_fields["root"]
+    classes_in_root_field = set(get_args(root_field.annotation))
     assert classes_in_root_field == set(base_message_subclasses)
diff --git a/version.py b/version.py
index 9da99632..55cfb40d 100644
--- a/version.py
+++ b/version.py
@@ -5,6 +5,6 @@
 # Do not edit this file manually!
 # If you need to change the version, do so in the project.toml, e.g. by using `poetry version X.Y.Z`.
 MAJOR = 0
-MINOR = 1
+MINOR = 2
 PATCH = 0
 VERSION = f"{MAJOR}.{MINOR}.{PATCH}"