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In the current hyper-connected, data-driven era, smart devices are providing access to geolocation information, enabling a paradigm shift in diverse domains. Location proof systems utilize smart devices to provide witnessed proof of location to enable secure location-based services (LBS). Applications of location proof systems include safety, asset management and operations monitoring in health care, supply chain tracking, and Internet-of-Things (IoT)-based location intelligence in businesses. In this paper, we investigate the state of the art in location proof systems, examining design challenges and implementation considerations for application in the real world. To frame the analysis, we have developed a taxonomy of location proof systems and performed a comparative analysis over the common attributes, highlighting their strength and weaknesses. Furthermore, we have identified future trends for this increasingly important area of investigation and development.