Aparrently the name is partly a reference to the tag:
>Why did Google call the new rendering engine Blink? Upson told me it’s obviously supposed to signify how the focus here is on speed and simplicity. Browser developers, however, also tend to have a tendency to have a bit of fun with their names. Chrome, for example, is all about making the “chrome” disappear as much as possible and Blink, he told me, is meant to remind people of the good old (and annoying) blink tag the Netscape Navigator introduced in the 90s. [0]
http://blog.chromium.org/2013/04/blink-rendering-engine-for-...