Answer:
It is a good concept but can't be used.
Explanation:
Producing artificial blood is a good concept but it can't take the place of real human blood because the artificial blood has many disadvantages which can cause great damage to our body such as binds nitric acid that affected blood flow, increases the level of bilirubin, amylase and lipase in the blood and also cause overload of iron in your organs or tissues so that's why it can't be used instead of original human blood but may be in the future if these complications are removed.
I'm pretty sure that its the 3rd answer
Http://www.ncbi.nlm.nih.gov/pubmedhealth/PMH0072434/
There is a website with some info. Hope it helps! :)