perflourocarbons (PFCs), organic chemical compounds that consists of a chain of carbons and florine atoms attached to it (instead of hydrogen). It is found that this type of chemicals are able to carry oxygen similar to hemoglobin, and it is far more efficient than hemoglobin.
The advantages of this artificial blood are its high efficiency and the fact that it can be used by everybody--it can acts as a universal "donor". But this compound can only replace hemoglobin, not the entire blood, since blood contains other molecules and cells that have functions other than carrying oxygen.
there is this product called Oxygent, and it has been in the market for quite some time, take a look at this website for more information:
http://www.allp.com/Oxygent/ox_fact.htm
One problem with this type of compounds is that it is a greehouse gas, uncontrolled production of them might lead to serious problems...
according to this website:
http://www.tufts.edu/tuftsrecycles/more/CanLife.html
if you are interested in how these compounds dissolve oxygen in such great amount,
the following website has the information:
http://symp15.nist.gov/pdf/p193.pdf
"The chemical structure and the weak intermolecular interactions are responsible for the specific properties of PFCs namely the low surface tensions (<20 mN m-1), dielectric constants and refractive indices, the high densities, viscosities and gas solubilities that are the largest known for liquids...."
(why did i post this? because it was valentine and there was a mass blood donation in my school... imagine if no one needs to donate blood anymore... hehe)