diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7485882d6c0..4847ea410c7 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,7 @@
 
 ## **[Unreleased]**
 
+- [#1140](https://github.com/wasmerio/wasmer/pull/1140) Use [`blake3`](https://github.com/BLAKE3-team/BLAKE3) as default hashing algorithm for caching.
 - [#1128](https://github.com/wasmerio/wasmer/pull/1128) Fix a crash when a host function is missing and the `allow_missing_functions` flag is enabled
 - [#1099](https://github.com/wasmerio/wasmer/pull/1099) Remove `backend::Backend` from `wasmer_runtime_core`
 - [#1098](https://github.com/wasmerio/wasmer/pull/1098) Remove `backend::Backend` from `wasmer_runtime_core`
diff --git a/Cargo.lock b/Cargo.lock
index 1282e76f35d..0d6c2fcb8a9 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -63,13 +63,15 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "cf1de2fe8c75bc145a2f577add951f8134889b4795d47466a54a5c846d691693"
 
 [[package]]
-name = "blake2b_simd"
-version = "0.5.10"
+name = "blake3"
+version = "0.1.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d8fb2d74254a3a0b5cac33ac9f8ed0e44aa50378d9dbb2e5d83bd21ed1dc2c8a"
+checksum = "b8c90bf4a07dd0b816948d0915ba1b110e7ce54169797feb5b39d6139a0a81ca"
 dependencies = [
  "arrayref",
  "arrayvec",
+ "cc",
+ "cfg-if",
  "constant_time_eq",
 ]
 
@@ -534,9 +536,9 @@ dependencies = [
 
 [[package]]
 name = "hex"
-version = "0.3.2"
+version = "0.4.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "805026a5d0141ffc30abb3be3173848ad46a1b1664fe632428479619a3644d77"
+checksum = "023b39be39e3a2da62a94feb433e91e8bcd37676fbc8bea371daf52b7a769a3e"
 
 [[package]]
 name = "indexmap"
@@ -1790,7 +1792,7 @@ name = "wasmer-runtime-core"
 version = "0.12.0"
 dependencies = [
  "bincode",
- "blake2b_simd",
+ "blake3",
  "cc",
  "digest",
  "errno",
diff --git a/lib/runtime-core/Cargo.toml b/lib/runtime-core/Cargo.toml
index b8d781ed4c2..89e3aba52b8 100644
--- a/lib/runtime-core/Cargo.toml
+++ b/lib/runtime-core/Cargo.toml
@@ -13,11 +13,11 @@ edition = "2018"
 nix = "0.15"
 page_size = "0.4"
 wasmparser = "0.45.0"
-parking_lot = "0.9"
+parking_lot = "0.10.0"
 lazy_static = "1.4"
 errno = "0.2"
 libc = "0.2.60"
-hex = "0.3"
+hex = "0.4"
 smallvec = "0.6"
 bincode = "1.1"
 
@@ -36,8 +36,8 @@ version = "1.0"
 version = "0.11"
 [dependencies.serde-bench]
 version = "0.0.7"
-[dependencies.blake2b_simd]
-version = "0.5"
+[dependencies.blake3]
+version = "0.1.0"
 [dependencies.digest]
 version = "0.8"
 
@@ -45,7 +45,7 @@ version = "0.8"
 winapi = { version = "0.3", features = ["memoryapi"] }
 
 [build-dependencies]
-blake2b_simd = "0.5"
+blake3 = "0.1.0"
 rustc_version = "0.2"
 cc = "1.0"
 
diff --git a/lib/runtime-core/build.rs b/lib/runtime-core/build.rs
index 3a549e45fd4..6187b4fd15a 100644
--- a/lib/runtime-core/build.rs
+++ b/lib/runtime-core/build.rs
@@ -1,13 +1,12 @@
-use blake2b_simd::blake2bp;
 use std::{env, fs, io::Write, path::PathBuf};
 
 const WASMER_VERSION: &'static str = env!("CARGO_PKG_VERSION");
 
 fn main() {
-    let mut state = blake2bp::State::new();
-    state.update(WASMER_VERSION.as_bytes());
+    let mut hasher = blake3::Hasher::new();
+    hasher.update(WASMER_VERSION.as_bytes());
 
-    let hasher = state.finalize();
+    let hasher = hasher.finalize();
     let hash_string = hasher.to_hex().as_str().to_owned();
 
     let crate_dir = env::var("OUT_DIR").unwrap();
diff --git a/lib/runtime-core/src/cache.rs b/lib/runtime-core/src/cache.rs
index f753b94232e..127d110332b 100644
--- a/lib/runtime-core/src/cache.rs
+++ b/lib/runtime-core/src/cache.rs
@@ -3,7 +3,6 @@
 //! and loaded to allow skipping compilation and fast startup.
 
 use crate::{module::ModuleInfo, sys::Memory};
-use blake2b_simd::blake2bp;
 use std::{io, mem, slice};
 
 /// Indicates the invalid type of invalid cache file
@@ -59,16 +58,16 @@ impl WasmHash {
     /// is, in fact, a wasm module.
     pub fn generate(wasm: &[u8]) -> Self {
         let mut first_part = [0u8; 32];
-        let mut second_part = [0u8; 32];
+        // We don't use the second part for now, since the blake3 hash is 32 byte array
+        let second_part = [0u8; 32];
 
-        let mut state = blake2bp::State::new();
-        state.update(wasm);
+        let mut hasher = blake3::Hasher::new();
+        hasher.update(wasm);
 
-        let hasher = state.finalize();
-        let generic_array = hasher.as_bytes();
+        let hash = hasher.finalize();
+        let generic_array = hash.as_bytes();
 
         first_part.copy_from_slice(&generic_array[0..32]);
-        second_part.copy_from_slice(&generic_array[32..64]);
         WasmHash(first_part, second_part)
     }