Ah, my fault. I though you were discussing about water.
Well, i watched 35 minute demo. All i can see it's that's most certainly same system as it currently is. Particles + decals.
Though it just seems to be unrestrained as almost every collision of blood particles with the ground seems to create blood decals on the ground.
Nonetheless i'm not sure whether it would be possible to recreate this with scripts. Scriptable control over particles is pretty slim and there seems to be no control over decals.
My only bet now would be to look into game config in order to tweak decals parameters.
My only problem with the blood decals is that they seem to be low resolution and get stretched a lot. Water blood works fine for me, it's the stuff on the ground and on actors.