Buffer systems [local] maintian a constant pH in blood at around 7.4. If the pH level changes just a few tenths of a pH unit, serious health consequences can result. A decrease in blood pH is called acidosis and an increase is called alkalosis.
Three different buffer systems exist in blood, the bicarbonate buffer, the phosphate buffer and the carbonyl groups and the amide groups present on proteins.
The Bicarbonate Buffer System
H2CO3 + H2O HCO3- + H3O+
The Phosphate Buffer System
H2PO4- + H2O HPO42- + H3O+
The Carbonyl/Amide Buffer System
R-NH2 + H2O R-NH3+ + OH-
R-COOH + H2O R-COO- + H3O+
This set of four tutorials (courtesy of Washington University, St. Lous) deals with chemical processes in the blood.