The blood of Jesus
This mostly refers to the metaphorical “blood” that was shed when Jesus gave up His own life, or self-will. By putting to death sin in His flesh, “blood” flowed, and since He was blameless, this sacrifice could be used to atone for our sins and give us forgiveness. In a deeper sense, we as members of His body, are cleansed from indwelling sin when we follow Him, and the same “blood” flows from us as a sign of victory death over sin.
By being a blameless sacrifice, crucified as a sinner when He was in fact without guilt, He took upon Himself the punishment for sin and His death (His blood) served as a “ransom” for all those who believe in Him, so they can have their sins forgiven and be cleansed from their former sins. (Matthew 26:27-28; 1 Corinthians 11:25-26; 1 Peter 1:18-19. Hebrews 10:19-22; Revelation 12:11; Hebrews 12:4; 1 John 1:7: Mark 10:45)