From Anstey’s Doctrinal Definitions:
The blood of Christ stands as a token of the work of atonement being made for the glory of God and for the blessing of man (John 19:34). Scripture speaks of Christ’s blood being “shed” for believers, which is God’s provision for them to be saved (Matt. 26:28; Mark 14:24; Luke 22:20). Scripture also speaks of the blood of Christ being “sprinkled” on the hearts of believers, which refers to faith’s appropriation of the finished work of Christ on the cross (Heb. 10:22; 12:24; 1 Peter 1:2).
The New Testament speaks of at least twelve things that the blood of Christ does:
• It makes atonement—propitiation (Rom. 3:25) and substitution (Matt. 26:28).
• It purchases all things and persons (Acts 20:28; Rev. 5:9).
• It effects redemption (Rom. 3:24; 1 Peter 1:18-19).
• It grants forgiveness (Eph. 1:7).
• It produces a purged conscience (Heb. 9:14; 10:2)
• It gives boldness to enter God’s presence (Heb. 10:19).
• It effects justification (Rom. 5:9).
• It makes peace (Col. 1:20).
• It brings us nigh to God—reconciliation (Eph. 2:13).
• It sanctifies us (Heb. 10:29; 13:12).
• It washes or cleanses us (1 John 1:7; Rev. 1:5; 7:14).
• It gives the title to final victory over Satan (Rev. 12:11).