Blockchain, as the backbone of the future "Internet of Value" model, is considered to have the potential to significantly alter the current state of the economy and society. This paper explains the state-of-the-art development in blockchain technologies (e.g. blockchain architecture, consensus algorithm, privacy preserving, smart contract, and chain interoperability) and its applications, especially considering the technological challenges encountered when blockchain is widely applied in different domains. Furthermore, respectively from the perspective of technology, talent and supervision, we propose suggestions that could facilitate the further development of blockchain in China.