diff --git a/ballerina/Ballerina.toml b/ballerina/Ballerina.toml
index 250df14..4525273 100644
--- a/ballerina/Ballerina.toml
+++ b/ballerina/Ballerina.toml
@@ -1,13 +1,13 @@
 [package]
 org = "ballerinax"
 name = "persist.inmemory"
-version = "1.1.1"
+version = "1.2.0"
 authors = ["Ballerina"]
 keywords = ["persist", "inmemory"]
 repository = "https://github.com/ballerina-platform/module-ballerinax-persist.inmemory"
 icon = "icon.png"
 license = ["Apache-2.0"]
-distribution = "2201.7.0"
+distribution = "2201.8.0"
 
 [platform.java17]
 graalvmCompatible = true
@@ -15,11 +15,11 @@ graalvmCompatible = true
 [[platform.java17.dependency]]
 groupId = "io.ballerina.persist"
 artifactId = "persist-inmemory-native"
-version = "1.1.1"
-path = "../native/build/libs/persist.inmemory-native-1.1.1-SNAPSHOT.jar"
+version = "1.2.0"
+path = "../native/build/libs/persist.inmemory-native-1.2.0-SNAPSHOT.jar"
 
 [[platform.java17.dependency]]
 groupId = "io.ballerina.stdlib"
 artifactId = "persist-native"
-version = "1.1.1"
-path = "./lib/persist-native-1.1.1-20230718-104500-b6791bc.jar"
+version = "1.2.0"
+path = "./lib/persist-native-1.2.0-20230810-161400-f232e8d.jar"
diff --git a/ballerina/Dependencies.toml b/ballerina/Dependencies.toml
index 1911145..ecfdc40 100644
--- a/ballerina/Dependencies.toml
+++ b/ballerina/Dependencies.toml
@@ -5,7 +5,7 @@
 
 [ballerina]
 dependencies-toml-version = "2"
-distribution-version = "2201.7.0"
+distribution-version = "2201.8.0-20230726-145300-b2bdf796"
 
 [[package]]
 org = "ballerina"
@@ -27,7 +27,7 @@ dependencies = [
 [[package]]
 org = "ballerina"
 name = "persist"
-version = "1.1.1"
+version = "1.2.0"
 dependencies = [
 	{org = "ballerina", name = "jballerina.java"}
 ]
@@ -51,7 +51,7 @@ modules = [
 [[package]]
 org = "ballerina"
 name = "time"
-version = "2.3.0"
+version = "2.4.0"
 scope = "testOnly"
 dependencies = [
 	{org = "ballerina", name = "jballerina.java"}
@@ -63,7 +63,7 @@ modules = [
 [[package]]
 org = "ballerinax"
 name = "persist.inmemory"
-version = "1.1.1"
+version = "1.2.0"
 dependencies = [
 	{org = "ballerina", name = "jballerina.java"},
 	{org = "ballerina", name = "persist"},
diff --git a/build-config/resources/Ballerina.toml b/build-config/resources/Ballerina.toml
index 98ecfcc..5671c09 100644
--- a/build-config/resources/Ballerina.toml
+++ b/build-config/resources/Ballerina.toml
@@ -7,7 +7,7 @@ keywords = ["persist", "inmemory"]
 repository = "https://github.com/ballerina-platform/module-ballerinax-persist.inmemory"
 icon = "icon.png"
 license = ["Apache-2.0"]
-distribution = "2201.7.0"
+distribution = "2201.8.0"
 
 [platform.java17]
 graalvmCompatible = true
diff --git a/gradle.properties b/gradle.properties
index ed4eeab..033e9ac 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,5 +1,5 @@
 group=io.ballerina.stdlib
-version=1.1.1-SNAPSHOT
+version=1.2.0-SNAPSHOT
 
 puppycrawlCheckstyleVersion=10.12.0
 checkstyleToolVersion=10.12.0
@@ -9,21 +9,21 @@ underCouchDownloadVersion=5.4.0
 researchgateReleaseVersion=2.8.0
 testngVersion=7.6.1
 gsonVersion=2.10
-ballerinaGradlePluginVersion=2.0.1-SNAPSHOT
+ballerinaGradlePluginVersion=2.0.1
 
 ballerinaLangVersion=2201.8.0-20230726-145300-b2bdf796
 
 # Direct Dependencies
 
 # Level 01
-stdlibTimeVersion=2.3.0
+stdlibTimeVersion=2.4.0-20230810-115600-b28bb07
 
 # Level 08
-stdlibPersistVersion=1.1.1-20230718-104500-b6791bc
+stdlibPersistVersion=1.2.0-20230810-161400-f232e8d
 
 # Ballerinax Observer
-observeVersion=1.1.0
-observeInternalVersion=1.1.0
+observeVersion=1.2.0-20230810-105500-5841859
+observeInternalVersion=1.2.0-20230810-141300-a348751
 
 # Enabled publishing insecure checksums, due to fail to publish to maven central
 # Refer https://github.com/gradle/gradle/issues/11308