android studio: "The security strength of SHA-1 digest algorithm is not sufficient for this key size"

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I'm getting following error when I build my android studio project.

The security strength of SHA-1 digest algorithm is not sufficient for this key size

Several forums say that I've to create a new SHA key for my project but I believe that it will hinder me to upload updates for my google playstore app.

Please suggest me what is the suitable way to resolve this error.

Information from app gradle is as follows.

compileSdkVersion 29
minSdkVersion 16
targetSdkVersion 31
0

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