diff --git a/README.md b/README.md
index 5fe00af..ee58ac7 100644
--- a/README.md
+++ b/README.md
@@ -20,8 +20,6 @@ https://polkascan.github.io/py-substrate-interface/
 pip install substrate-interface
 ```
 
-## Examples
-
 ### Initialization
 
 The following examples show how to initialize for supported chains:
@@ -104,6 +102,19 @@ substrate = SubstrateInterface(
  
 ```
 
+## Keeping type registry presets up to date
+
+When on-chain runtime upgrades occur, types used in call- or storage functions can be added or modified. Therefor it is
+important to keep the type registry presets up to date. At the moment the type registry for Polkadot, Kusama and Kulupu
+ are being actively maintained for this library and an check and update procedure can be triggered with:
+ 
+```python
+substrate.update_type_registry_presets()
+```   
+
+## Examples
+
+
 
 ### Get extrinsics for a certain block
 
diff --git a/requirements.txt b/requirements.txt
index 940eae2..e9350e5 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -1,15 +1,15 @@
-docker>=4.2.2
+docker>=4.3.1
 websockets==8.1
-base58>=1.0.3
+base58>=2.0.1
 certifi>=2020.6.20
 chardet>=3.0.4
 idna>=2.10
 requests==2.24.0
-urllib3>=1.25.9
+urllib3>=1.25.11
 xxhash>=1.3.0
-pytest>=4.4.0
+pytest>=6.1.1
 
-scalecodec>=0.10.26
+scalecodec>=0.10.27
 py-sr25519-bindings>=0.1.2
 py-ed25519-bindings>=0.1.1
 py-bip39-bindings>=0.1.6
diff --git a/setup.py b/setup.py
index 9771d7c..1f29aa8 100644
--- a/setup.py
+++ b/setup.py
@@ -183,7 +183,7 @@
         'requests>=2.24.0',
         'urllib3>=1.25.10',
         'xxhash>=1.3.0',
-        'scalecodec>=0.10.26',
+        'scalecodec>=0.10.27',
         'py-sr25519-bindings>=0.1.2',
         'py-ed25519-bindings>=0.1.1',
         'py-bip39-bindings>=0.1.6'
diff --git a/substrateinterface/__init__.py b/substrateinterface/__init__.py
index bee6eb6..1702079 100644
--- a/substrateinterface/__init__.py
+++ b/substrateinterface/__init__.py
@@ -28,6 +28,7 @@
 from scalecodec.block import ExtrinsicsDecoder, EventsDecoder, LogDigest
 from scalecodec.metadata import MetadataDecoder
 from scalecodec.type_registry import load_type_registry_preset
+from scalecodec.updater import update_type_registries
 
 from .subkey import Subkey
 from .utils.hasher import blake2_256, two_x64_concat, xxh64, xxh128, blake2_128, blake2_128_concat, identity
@@ -1902,3 +1903,10 @@ def serialize_module_error(self, module, error, spec_version):
             "module_name": module.name,
             "spec_version": spec_version
         }
+
+    def update_type_registry_presets(self):
+        try:
+            update_type_registries()
+            return True
+        except Exception:
+            return False