diff --git a/.changelog/2512.trivial.md b/.changelog/2512.trivial.md
new file mode 100644
index 00000000000..e69de29bb2d
diff --git a/.gitignore b/.gitignore
index 732a9bee43c..518b6534a80 100644
--- a/.gitignore
+++ b/.gitignore
@@ -6,6 +6,7 @@ target/
 *.so
 **/generated
 /dist/
+/__pycache__/
 
 # IDE.
 .idea/*
diff --git a/.punch_config.py b/.punch_config.py
new file mode 100644
index 00000000000..bcd93188738
--- /dev/null
+++ b/.punch_config.py
@@ -0,0 +1,28 @@
+__config_version__ = 1
+
+GLOBALS = {
+    'serializer': '{{year}}.{{minor}}',
+}
+
+# NOTE: The FILES list is not allowed to be empty, so we need to pass it at
+# least a single valid file.
+FILES = ["README.md"]
+
+VERSION = [
+    {
+        'name': 'year',
+        'type': 'date',
+        'fmt': 'YY',
+    },
+    {
+        'name': 'minor',
+        'type': 'integer',
+    },
+]
+ACTIONS = {
+    'custom_bump': {
+        'type': 'conditional_reset',
+        'field': 'minor',
+        'update_fields': ['year']
+    }
+}
diff --git a/Makefile b/Makefile
index a68d520ce1c..58b6b2acee5 100644
--- a/Makefile
+++ b/Makefile
@@ -95,6 +95,17 @@ clean-go:
 
 clean: $(clean-targets)
 
+# Assemble Change log.
+changelog:
+	@if [[ -z "$(NEXT_VERSION)" ]]; then \
+		echo "Error: Could not compute project's new version."; \
+		exit 1; \
+	else \
+		echo "Generating changelog for version $(NEXT_VERSION)..."; \
+		towncrier build --version $(NEXT_VERSION); \
+		echo "Next, review the staged changes, commit them and make a pull request."; \
+    fi
+
 # Prepare release.
 release:
 	@goreleaser $(GORELEASER_ARGS)
@@ -117,5 +128,5 @@ docker-shell:
 	$(fmt-targets) fmt \
 	$(test-unit-targets) $(test-targets) test \
 	$(clean-targets) clean \
-	release docker-shell \
+	changelog release docker-shell \
 	all
diff --git a/common.mk b/common.mk
index 2123d30a2ed..54fe20be55f 100644
--- a/common.mk
+++ b/common.mk
@@ -32,6 +32,26 @@ ifeq ($(and $(LATEST_TAG),$(IS_TAG)),NO)
 endif
 export VERSION
 
+# Try to compute the next version based on the current version using the Punch
+# tool.
+# NOTE: This is a little messy because Punch doesn't support the following at
+# the moment:
+#   - Passing current version as an CLI parameter.
+#   - Outputting the new version to stdout without making modifications to any
+#     files.
+_PUNCH_VERSION_FILE := $(shell mktemp /tmp/oasis-core.XXXXX.py)
+# NOTE: The "OUTPUT = $(eval OUTPUT := $$(shell some-comand))$(OUTPUT)" syntax
+# defers simple variable expansion so that it is only computed the first time it
+# is used. For more details, see:
+# http://make.mad-scientist.net/deferred-simple-variable-expansion/.
+NEXT_VERSION ?= $(eval NEXT_VERSION := $$(shell \
+	echo "Fetching all tags from the default remote..." 1>&2 && \
+	git fetch --tags && \
+	python3 -c "print('year=\"{}\"\nminor={}'.format(*'$(LATEST_TAG)'.lstrip('v').split('.')))" > $(_PUNCH_VERSION_FILE) 2>/dev/null && \
+	punch --config-file .punch_config.py --version-file $(_PUNCH_VERSION_FILE) --action custom_bump --quiet 2>/dev/null && \
+	python3 -c "exec(open('$(_PUNCH_VERSION_FILE)').read()); print('{}.{}'.format(year, minor))" \
+	))$(NEXT_VERSION)
+
 # Go binary to use for all Go commands.
 OASIS_GO ?= go