diff --git a/devtools/update_crate.sh b/devtools/update_crate.sh
new file mode 100755
index 0000000000..500d36f6e0
--- /dev/null
+++ b/devtools/update_crate.sh
@@ -0,0 +1,15 @@
+#!/bin/bash
+set -o errexit -o nounset -o pipefail
+command -v shellcheck >/dev/null && shellcheck "$0"
+
+CRATE_NAME="$1"
+
+# Update root Cargo.lock
+cargo update -p "$CRATE_NAME"
+
+for contract_dir in contracts/*/; do
+  (
+    cd "$contract_dir"
+    cargo update -p "$CRATE_NAME"
+  )
+done