diff --git a/examples/engine/engine.go b/examples/engine/engine.go
index f71db3399..3fe1108c3 100644
--- a/examples/engine/engine.go
+++ b/examples/engine/engine.go
@@ -7,16 +7,16 @@ import (
 // Main is that famous Main() function, you know.
 func Main() bool {
 	tx := runtime.GetScriptContainer()
-	runtime.Notify(tx.Hash)
+	runtime.Notify("Tx", tx.Hash)
 
 	callingScriptHash := runtime.GetCallingScriptHash()
-	runtime.Notify(callingScriptHash)
+	runtime.Notify("Calling", callingScriptHash)
 
 	execScriptHash := runtime.GetExecutingScriptHash()
-	runtime.Notify(execScriptHash)
+	runtime.Notify("Executing", execScriptHash)
 
 	entryScriptHash := runtime.GetEntryScriptHash()
-	runtime.Notify(entryScriptHash)
+	runtime.Notify("Entry", entryScriptHash)
 
 	return true
 }
diff --git a/examples/runtime/runtime.go b/examples/runtime/runtime.go
index c2f700d3d..4593b79dd 100644
--- a/examples/runtime/runtime.go
+++ b/examples/runtime/runtime.go
@@ -54,6 +54,6 @@ func Log(args []interface{}) bool {
 
 // Notify notifies about given message
 func Notify(args []interface{}) bool {
-	runtime.Notify(args[0])
+	runtime.Notify("Event", args[0])
 	return true
 }
diff --git a/pkg/compiler/syscall_test.go b/pkg/compiler/syscall_test.go
index 353b6efb7..475c94144 100644
--- a/pkg/compiler/syscall_test.go
+++ b/pkg/compiler/syscall_test.go
@@ -30,8 +30,7 @@ func TestNotify(t *testing.T) {
 	src := `package foo
 	import "github.com/nspcc-dev/neo-go/pkg/interop/runtime"
 	func Main(arg int) {
-		runtime.Notify(arg, "sum", arg+1)
-		runtime.Notify()
+		runtime.Notify("Event1", arg, "sum", arg+1)
 		runtime.Notify("single")
 	}`
 
@@ -39,10 +38,11 @@ func TestNotify(t *testing.T) {
 	v.Estack().PushVal(11)
 
 	require.NoError(t, v.Run())
-	require.Equal(t, 3, len(s.events))
+	require.Equal(t, 2, len(s.events))
 
 	exp0 := []stackitem.Item{stackitem.NewBigInteger(big.NewInt(11)), stackitem.NewByteArray([]byte("sum")), stackitem.NewBigInteger(big.NewInt(12))}
-	assert.Equal(t, exp0, s.events[0].Value())
-	assert.Equal(t, []stackitem.Item{}, s.events[1].Value())
-	assert.Equal(t, []stackitem.Item{stackitem.NewByteArray([]byte("single"))}, s.events[2].Value())
+	assert.Equal(t, "Event1", s.events[0].Name)
+	assert.Equal(t, exp0, s.events[0].Item.Value())
+	assert.Equal(t, "single", s.events[1].Name)
+	assert.Equal(t, []stackitem.Item{}, s.events[1].Item.Value())
 }
diff --git a/pkg/compiler/vm_test.go b/pkg/compiler/vm_test.go
index fab6b6eac..65f6aaab1 100644
--- a/pkg/compiler/vm_test.go
+++ b/pkg/compiler/vm_test.go
@@ -6,6 +6,7 @@ import (
 	"testing"
 
 	"github.com/nspcc-dev/neo-go/pkg/compiler"
+	"github.com/nspcc-dev/neo-go/pkg/core/state"
 	"github.com/nspcc-dev/neo-go/pkg/vm"
 	"github.com/nspcc-dev/neo-go/pkg/vm/emit"
 	"github.com/nspcc-dev/neo-go/pkg/vm/stackitem"
@@ -74,7 +75,7 @@ func vmAndCompileInterop(t *testing.T, src string) (*vm.VM, *storagePlugin) {
 type storagePlugin struct {
 	mem      map[string][]byte
 	interops map[uint32]vm.InteropFunc
-	events   []stackitem.Item
+	events   []state.NotificationEvent
 }
 
 func newStoragePlugin() *storagePlugin {
@@ -99,7 +100,12 @@ func (s *storagePlugin) getInterop(id uint32) *vm.InteropFuncPrice {
 }
 
 func (s *storagePlugin) Notify(v *vm.VM) error {
-	s.events = append(s.events, v.Estack().Pop().Item())
+	name := string(v.Estack().Pop().Bytes())
+	item := stackitem.NewArray(v.Estack().Pop().Array())
+	s.events = append(s.events, state.NotificationEvent{
+		Name: name,
+		Item: item,
+	})
 	return nil
 }
 
diff --git a/pkg/core/blockchain.go b/pkg/core/blockchain.go
index 943f31a84..ceeffdc1e 100644
--- a/pkg/core/blockchain.go
+++ b/pkg/core/blockchain.go
@@ -661,16 +661,15 @@ func (bc *Blockchain) storeBlock(block *block.Block) error {
 }
 
 func (bc *Blockchain) handleNotification(note *state.NotificationEvent, d *dao.Cached, b *block.Block, h util.Uint256) {
-	arr, ok := note.Item.Value().([]stackitem.Item)
-	if !ok || len(arr) != 4 {
+	if note.Name != "transfer" && note.Name != "Transfer" {
 		return
 	}
-	op, ok := arr[0].Value().([]byte)
-	if !ok || (string(op) != "transfer" && string(op) != "Transfer") {
+	arr, ok := note.Item.Value().([]stackitem.Item)
+	if !ok || len(arr) != 3 {
 		return
 	}
 	var from []byte
-	fromValue := arr[1].Value()
+	fromValue := arr[0].Value()
 	// we don't have `from` set when we are minting tokens
 	if fromValue != nil {
 		from, ok = fromValue.([]byte)
@@ -679,7 +678,7 @@ func (bc *Blockchain) handleNotification(note *state.NotificationEvent, d *dao.C
 		}
 	}
 	var to []byte
-	toValue := arr[2].Value()
+	toValue := arr[1].Value()
 	// we don't have `to` set when we are burning tokens
 	if toValue != nil {
 		to, ok = toValue.([]byte)
@@ -687,9 +686,9 @@ func (bc *Blockchain) handleNotification(note *state.NotificationEvent, d *dao.C
 			return
 		}
 	}
-	amount, ok := arr[3].Value().(*big.Int)
+	amount, ok := arr[2].Value().(*big.Int)
 	if !ok {
-		bs, ok := arr[3].Value().([]byte)
+		bs, ok := arr[2].Value().([]byte)
 		if !ok {
 			return
 		}
diff --git a/pkg/core/interop/runtime/util.go b/pkg/core/interop/runtime/util.go
index 9a79375b9..e1200055c 100644
--- a/pkg/core/interop/runtime/util.go
+++ b/pkg/core/interop/runtime/util.go
@@ -42,6 +42,7 @@ func GetNotifications(ic *interop.Context, v *vm.VM) error {
 	for i := range notifications {
 		ev := stackitem.NewArray([]stackitem.Item{
 			stackitem.NewByteArray(notifications[i].ScriptHash.BytesBE()),
+			stackitem.Make(notifications[i].Name),
 			notifications[i].Item,
 		})
 		arr.Append(ev)
diff --git a/pkg/core/interop_system.go b/pkg/core/interop_system.go
index 54c77a315..17f6b00bd 100644
--- a/pkg/core/interop_system.go
+++ b/pkg/core/interop_system.go
@@ -27,6 +27,8 @@ const (
 	// MaxTraceableBlocks is the maximum number of blocks before current chain
 	// height we're able to give information about.
 	MaxTraceableBlocks = transaction.MaxValidUntilBlockIncrement
+	// MaxEventNameLen is the maximum length of a name for event.
+	MaxEventNameLen = 32
 )
 
 // StorageContext contains storing id and read/write flag, it's used as
@@ -244,19 +246,26 @@ func runtimeGetTrigger(ic *interop.Context, v *vm.VM) error {
 // runtimeNotify should pass stack item to the notify plugin to handle it, but
 // in neo-go the only meaningful thing to do here is to log.
 func runtimeNotify(ic *interop.Context, v *vm.VM) error {
-	// It can be just about anything.
-	e := v.Estack().Pop()
-	item := e.Item()
+	name := v.Estack().Pop().Bytes()
+	if len(name) > MaxEventNameLen {
+		return fmt.Errorf("event name must be less than %d", MaxEventNameLen)
+	}
+	elem := v.Estack().Pop()
+	args := elem.Array()
 	// But it has to be serializable, otherwise we either have some broken
 	// (recursive) structure inside or an interop item that can't be used
 	// outside of the interop subsystem anyway. I'd probably fail transactions
 	// that emit such broken notifications, but that might break compatibility
 	// with testnet/mainnet, so we're replacing these with error messages.
-	_, err := stackitem.SerializeItem(item)
+	_, err := stackitem.SerializeItem(elem.Item())
 	if err != nil {
-		item = stackitem.NewByteArray([]byte(fmt.Sprintf("bad notification: %v", err)))
+		args = []stackitem.Item{stackitem.NewByteArray([]byte(fmt.Sprintf("bad notification: %v", err)))}
+	}
+	ne := state.NotificationEvent{
+		ScriptHash: v.GetCurrentScriptHash(),
+		Name:       string(name),
+		Item:       stackitem.NewArray(args),
 	}
-	ne := state.NotificationEvent{ScriptHash: v.GetCurrentScriptHash(), Item: item}
 	ic.Notifications = append(ic.Notifications, ne)
 	return nil
 }
diff --git a/pkg/core/interop_system_test.go b/pkg/core/interop_system_test.go
index b115b8f68..02f0b62d3 100644
--- a/pkg/core/interop_system_test.go
+++ b/pkg/core/interop_system_test.go
@@ -247,9 +247,9 @@ func TestRuntimeGetNotifications(t *testing.T) {
 	defer chain.Close()
 
 	ic.Notifications = []state.NotificationEvent{
-		{ScriptHash: util.Uint160{1}, Item: stackitem.NewByteArray([]byte{11})},
-		{ScriptHash: util.Uint160{2}, Item: stackitem.NewByteArray([]byte{22})},
-		{ScriptHash: util.Uint160{1}, Item: stackitem.NewByteArray([]byte{33})},
+		{ScriptHash: util.Uint160{1}, Name: "Event1", Item: stackitem.NewArray([]stackitem.Item{stackitem.NewByteArray([]byte{11})})},
+		{ScriptHash: util.Uint160{2}, Name: "Event2", Item: stackitem.NewArray([]stackitem.Item{stackitem.NewByteArray([]byte{22})})},
+		{ScriptHash: util.Uint160{1}, Name: "Event1", Item: stackitem.NewArray([]stackitem.Item{stackitem.NewByteArray([]byte{33})})},
 	}
 
 	t.Run("NoFilter", func(t *testing.T) {
@@ -261,7 +261,10 @@ func TestRuntimeGetNotifications(t *testing.T) {
 		for i := range arr {
 			elem := arr[i].Value().([]stackitem.Item)
 			require.Equal(t, ic.Notifications[i].ScriptHash.BytesBE(), elem[0].Value())
-			require.Equal(t, ic.Notifications[i].Item, elem[1])
+			name, err := elem[1].TryBytes()
+			require.NoError(t, err)
+			require.Equal(t, ic.Notifications[i].Name, string(name))
+			require.Equal(t, ic.Notifications[i].Item, elem[2])
 		}
 	})
 
@@ -274,7 +277,10 @@ func TestRuntimeGetNotifications(t *testing.T) {
 		require.Equal(t, 1, len(arr))
 		elem := arr[0].Value().([]stackitem.Item)
 		require.Equal(t, h, elem[0].Value())
-		require.Equal(t, ic.Notifications[1].Item, elem[1])
+		name, err := elem[1].TryBytes()
+		require.NoError(t, err)
+		require.Equal(t, ic.Notifications[1].Name, string(name))
+		require.Equal(t, ic.Notifications[1].Item, elem[2])
 	})
 }
 
diff --git a/pkg/core/native/native_nep5.go b/pkg/core/native/native_nep5.go
index 393e6eabc..308d199e3 100644
--- a/pkg/core/native/native_nep5.go
+++ b/pkg/core/native/native_nep5.go
@@ -138,8 +138,8 @@ func addrToStackItem(u *util.Uint160) stackitem.Item {
 func (c *nep5TokenNative) emitTransfer(ic *interop.Context, from, to *util.Uint160, amount *big.Int) {
 	ne := state.NotificationEvent{
 		ScriptHash: c.Hash,
+		Name:       "Transfer",
 		Item: stackitem.NewArray([]stackitem.Item{
-			stackitem.NewByteArray([]byte("Transfer")),
 			addrToStackItem(from),
 			addrToStackItem(to),
 			stackitem.NewBigInteger(amount),
diff --git a/pkg/core/state/notification_event.go b/pkg/core/state/notification_event.go
index 12699b14a..4849de6c4 100644
--- a/pkg/core/state/notification_event.go
+++ b/pkg/core/state/notification_event.go
@@ -1,6 +1,8 @@
 package state
 
 import (
+	"errors"
+
 	"github.com/nspcc-dev/neo-go/pkg/io"
 	"github.com/nspcc-dev/neo-go/pkg/smartcontract"
 	"github.com/nspcc-dev/neo-go/pkg/smartcontract/trigger"
@@ -12,7 +14,8 @@ import (
 // notification and that item itself.
 type NotificationEvent struct {
 	ScriptHash util.Uint160
-	Item       stackitem.Item
+	Name       string
+	Item       *stackitem.Array
 }
 
 // AppExecResult represent the result of the script execution, gathering together
@@ -29,13 +32,24 @@ type AppExecResult struct {
 // EncodeBinary implements the Serializable interface.
 func (ne *NotificationEvent) EncodeBinary(w *io.BinWriter) {
 	ne.ScriptHash.EncodeBinary(w)
+	w.WriteString(ne.Name)
 	stackitem.EncodeBinaryStackItem(ne.Item, w)
 }
 
 // DecodeBinary implements the Serializable interface.
 func (ne *NotificationEvent) DecodeBinary(r *io.BinReader) {
 	ne.ScriptHash.DecodeBinary(r)
-	ne.Item = stackitem.DecodeBinaryStackItem(r)
+	ne.Name = r.ReadString()
+	item := stackitem.DecodeBinaryStackItem(r)
+	if r.Err != nil {
+		return
+	}
+	arr, ok := item.Value().([]stackitem.Item)
+	if !ok {
+		r.Err = errors.New("Array or Struct expected")
+		return
+	}
+	ne.Item = stackitem.NewArray(arr)
 }
 
 // EncodeBinary implements the Serializable interface.
diff --git a/pkg/core/state/notification_event_test.go b/pkg/core/state/notification_event_test.go
index c88e2d5ff..2b81c9bc6 100644
--- a/pkg/core/state/notification_event_test.go
+++ b/pkg/core/state/notification_event_test.go
@@ -12,7 +12,8 @@ import (
 func TestEncodeDecodeNotificationEvent(t *testing.T) {
 	event := &NotificationEvent{
 		ScriptHash: random.Uint160(),
-		Item:       stackitem.NewBool(true),
+		Name:       "Event",
+		Item:       stackitem.NewArray([]stackitem.Item{stackitem.NewBool(true)}),
 	}
 
 	testserdes.EncodeDecodeBinary(t, event, new(NotificationEvent))
diff --git a/pkg/interop/runtime/runtime.go b/pkg/interop/runtime/runtime.go
index 558362c65..a45088e1b 100644
--- a/pkg/interop/runtime/runtime.go
+++ b/pkg/interop/runtime/runtime.go
@@ -17,12 +17,12 @@ func CheckWitness(hashOrKey []byte) bool {
 func Log(message string) {}
 
 // Notify sends a notification (collecting all arguments in an array) to the
-// executing environment. Unlike Log it can accept any data and resulting
-// notification is saved in application log. It's intended to be used as a
+// executing environment. Unlike Log it can accept any data along with the event name
+// and resulting notification is saved in application log. It's intended to be used as a
 // part of contract's API to external systems, these events can be monitored
 // from outside and act upon accordingly. This function uses
 // `System.Runtime.Notify` syscall.
-func Notify(arg ...interface{}) {}
+func Notify(name string, arg ...interface{}) {}
 
 // GetTime returns the timestamp of the most recent block. Note that when running
 // script in test mode this would be the last accepted (persisted) block in the
diff --git a/pkg/rpc/response/result/application_log.go b/pkg/rpc/response/result/application_log.go
index f4fb1772a..afefddf8a 100644
--- a/pkg/rpc/response/result/application_log.go
+++ b/pkg/rpc/response/result/application_log.go
@@ -28,7 +28,11 @@ type NotificationEvent struct {
 // result.NotificationEvent.
 func StateEventToResultNotification(event state.NotificationEvent) NotificationEvent {
 	seen := make(map[stackitem.Item]bool)
-	item := smartcontract.ParameterFromStackItem(event.Item, seen)
+	args := stackitem.NewArray([]stackitem.Item{
+		stackitem.Make(event.Name),
+		event.Item,
+	})
+	item := smartcontract.ParameterFromStackItem(args, seen)
 	return NotificationEvent{
 		Contract: event.ScriptHash,
 		Item:     item,
diff --git a/pkg/rpc/server/server_test.go b/pkg/rpc/server/server_test.go
index 7223259f5..48bbfef89 100644
--- a/pkg/rpc/server/server_test.go
+++ b/pkg/rpc/server/server_test.go
@@ -51,8 +51,8 @@ type rpcTestCase struct {
 	check  func(t *testing.T, e *executor, result interface{})
 }
 
-const testContractHash = "10e262ef80c76bdecca287a2c047841fc02c3129"
-const deploymentTxHash = "49f555734b90eb7d4f87041b5146a9b6bc7cf70060bb665212773719091b3a81"
+const testContractHash = "402da558b87b5e54b59dc242c788bb4dd4cd906c"
+const deploymentTxHash = "2afd69cc80ebe900a060450e8628b57063f3ec93ca5fc7f94582be4a4f3a041f"
 
 var rpcTestCases = map[string][]rpcTestCase{
 	"getapplicationlog": {
diff --git a/pkg/rpc/server/testdata/test_contract.avm b/pkg/rpc/server/testdata/test_contract.avm
index bdb814d37..dbb934338 100755
Binary files a/pkg/rpc/server/testdata/test_contract.avm and b/pkg/rpc/server/testdata/test_contract.avm differ
diff --git a/pkg/rpc/server/testdata/testblocks.acc b/pkg/rpc/server/testdata/testblocks.acc
index 98d85b7a0..f068d8f47 100644
Binary files a/pkg/rpc/server/testdata/testblocks.acc and b/pkg/rpc/server/testdata/testblocks.acc differ
diff --git a/pkg/vm/interop.go b/pkg/vm/interop.go
index f24a1bcf4..2c6259334 100644
--- a/pkg/vm/interop.go
+++ b/pkg/vm/interop.go
@@ -82,8 +82,9 @@ func runtimeLog(vm *VM) error {
 
 // runtimeNotify handles the syscall "System.Runtime.Notify" for printing and logging stuff.
 func runtimeNotify(vm *VM) error {
+	name := vm.Estack().Pop().Bytes()
 	item := vm.Estack().Pop()
-	fmt.Printf("NEO-GO-VM (notify) > %s\n", item.Value())
+	fmt.Printf("NEO-GO-VM (notify) > [%s] %s\n", string(name), item.Value())
 	return nil
 }