So markdown already has a block feature, but it’s currently only used for code. But what if it didn’t have to be. I think you can totally use a code block for block references without breaking markdown.
You do it by decorating the start and end tags for the code block like this.
```text
This is some very fancy text I want to quote elsewhere
```[fancy_quote_link]
In code blocks, the header token decorator usually tells the linter what language is in the code block, but what if it could be used for more than that. In this example, I just called it text, but Obsidian could create it’s own tag just for block references. With plugins, you have one for quotes and one for bible verses, both handled (and displayed) differently in the Markdown engine.
At the other end, the bottom of a code block is a wasted line with the footer token. Why not use that line to demarcate the name of the block. This could be a GUID that’s generated by Obsidian, or some memorable text created by you.
From there, you toss around [fancy_quote_link], and Obsidian handles the block reference in the background.