The Bible describes different purposes and ways in which Jesus Christ applies His shed blood for us.

1) Jesus Christ ratified the New Covenant with His blood

Just as the Old Covenant was ratified with the blood of bulls, so the New Covenant was ratified by the blood of Jesus Christ. The New Covenant promises every repentant sinner forgiveness of sins and the gift of eternal life.

Mat 26:27  Then He took the cup, and gave thanks, and gave it to them, saying, “Drink from it, all of you.
Mat 26:28  For this is My blood of the new covenant, which is shed for many for the remission of sins.

Mar 14:24  And He said to them, “This is My blood of the new covenant, which is shed for many.

Luk 22:20  Likewise He also took the cup after supper, saying, “This cup is the new covenant in My blood, which is shed for you.

1Co 11:25  In the same manner He also took the cup after supper, saying, “This cup is the new covenant in My blood. This do, as often as you drink it, in remembrance of Me.”

2) Jesus Christ redeems (purchases) us through His blood

Redeem means to buy back what has been sold.  We have been sold under sin, but bought by the blood of Jesus Christ.

Rom 7:14  For we know that the law is spiritual, but I am carnal, sold under sin.

We have all earned death.

Rom 6:23  For the wages of sin is death, but the gift of God is eternal life in Christ Jesus our Lord.

Christ has redeemed us with His own blood.

Eph 1:7  In Him we have redemption through His blood, the forgiveness of sins, according to the riches of His grace

Col 1:14  in whom we have redemption through His blood, the forgiveness of sins.

Heb 9:11  But Christ came as High Priest of the good things to come, with the greater and more perfect tabernacle not made with hands, that is, not of this creation.
Heb 9:12  Not with the blood of goats and calves, but with His own blood He entered the Most Holy Place once for all, having obtained eternal redemption.

1Pe 1:18  knowing that you were not redeemed with corruptible things, like silver or gold, from your aimless conduct received by tradition from your fathers,
1Pe 1:19  but with the precious blood of Christ, as of a lamb without blemish and without spot.

Act 20:28  Therefore take heed to yourselves and to all the flock, among which the Holy Spirit has made you overseers, to shepherd the church of God which He purchased with His own blood.

Rev 5:9  And they sang a new song, saying: “You are worthy to take the scroll, And to open its seals; For You were slain, And have redeemed us to God by Your blood Out of every tribe and tongue and people and nation,

3) Jesus Christ atones (propitiates) for our sins through His blood

Jesus Christ atones or makes amends for our sins.  This is different to forgiveness.

Rom 3:24  being justified freely by His grace through the redemption that is in Christ Jesus,
Rom 3:25  whom God set forth as a propitiation by His blood, through faith, to demonstrate His righteousness, because in His forbearance God had passed over the sins that were previously committed,

4) Jesus Christ forgives our sins through His blood

We have our sins forgiven through the blood of Jesus Christ.

Mat 26:28  For this is My blood of the new covenant, which is shed for many for the remission of sins.

Col 1:14  in whom we have redemption through His blood, the forgiveness of sins.

5) Jesus Christ cleanses our sins through His blood

We are cleansed from our sins through the blood of Jesus Christ.

1Jn 1:7  But if we walk in the light as He is in the light, we have fellowship with one another, and the blood of Jesus Christ His Son cleanses us from all sin.
1Jn 1:8  If we say that we have no sin, we deceive ourselves, and the truth is not in us.
1Jn 1:9  If we confess our sins, He is faithful and just to forgive us our sins and to cleanse us from all unrighteousness.

Rev 1:5  and from Jesus Christ, the faithful witness, the firstborn from the dead, and the ruler over the kings of the earth. To Him who loved us and washed us from our sins in His own blood,

Rev 7:14  And I said to him, “Sir, you know.” So he said to me, “These are the ones who come out of the great tribulation, and washed their robes and made them white in the blood of the Lamb.

6) Jesus Christ purifies our Conscience through His blood

Our consciences are cleansed by the blood of Jesus Christ. 

Heb 9:13  For if the blood of bulls and goats and the ashes of a heifer, sprinkling the unclean, sanctifies for the purifying of the flesh,
Heb 9:14  how much more shall the blood of Christ, who through the eternal Spirit offered Himself without spot to God, cleanse your conscience from dead works to serve the living God?

7) Jesus Christ Justifies us through His blood

We are justified by the blood of Jesus Christ.  Justified means regarded as innocent, so we are regarded as blameless before God.

Rom 5:1  Therefore, having been justified by faith, we have peace with God through our Lord Jesus Christ,

Rom 5:8  But God demonstrates His own love toward us, in that while we were still sinners, Christ died for us.
Rom 5:9  Much more then, having now been justified by His blood, we shall be saved from wrath through Him.

8) Jesus Christ Sanctifies us through His blood

We are sanctified by the blood of Jesus Christ.  Sanctify means to set apart for a holy purpose.

Heb 13:12  Therefore Jesus also, that He might sanctify the people with His own blood, suffered outside the gate.

We are also sanctified by the word of God.

Joh 17:17  Sanctify them by Your truth. Your word is truth.

We are sanctified – set apart for a holy purpose – to live our life God’s way.

9) Jesus Christ brings Peace with God through His blood

Peace with God the Father is possible only through the blood of Jesus Christ.

Col 1:19  For it pleased the Father that in Him all the fullness should dwell,
Col 1:20  and by Him to reconcile all things to Himself, by Him, whether things on earth or things in heaven, having made peace through the blood of His cross.

10) Jesus Christ gives direct access to God the Father through His blood

We now have direct access to the Father through the blood of Jesus Christ.

Heb 10:19  Therefore, brethren, having boldness to enter the Holiest by the blood of Jesus,

To enter the Holiest means to enter into the presence of God the Father in Heaven.

2Co 6:16  And what agreement has the temple of God with idols? For you are the temple of the living God. As God has said: “I WILL DWELL IN THEM AND WALK AMONG THEM. I WILL BE THEIR GOD, AND THEY SHALL BE MY PEOPLE.”

11) We have communion with God through the blood of Jesus Christ

Through the blood of Jesus Christ we have communion with God.

Joh 6:53  Then Jesus said to them, “Most assuredly, I say to you, unless you eat the flesh of the Son of Man and drink His blood, you have no life in you.
Joh 6:54  Whoever eats My flesh and drinks My blood has eternal life, and I will raise him up at the last day.
Joh 6:55  For My flesh is food indeed, and My blood is drink indeed.
Joh 6:56  He who eats My flesh and drinks My blood abides in Me, and I in him.
Joh 6:57  As the living Father sent Me, and I live because of the Father, so he who feeds on Me will live because of Me.
Joh 6:58  This is the bread which came down from heaven—not as your fathers ate the manna, and are dead. He who eats this bread will live forever.”

1Co 10:16  The cup of blessing which we bless, is it not the communion of the blood of Christ? The bread which we break, is it not the communion of the body of Christ?

Eph 2:13  But now in Christ Jesus you who once were far off have been brought near by the blood of Christ.

12) We overcome Satan through the blood of Jesus Christ

We have the power to overcome the devil through the blood of Jesus Christ.  The devil has no claims on us now that we have been forgiven and purchased by Jesus Christ.

Rev 12:9  So the great dragon was cast out, that serpent of old, called the Devil and Satan, who deceives the whole world; he was cast to the earth, and his angels were cast out with him.
Rev 12:10  Then I heard a loud voice saying in heaven, “Now salvation, and strength, and the kingdom of our God, and the power of His Christ have come, for the accuser of our brethren, who accused them before our God day and night, has been cast down.
Rev 12:11  And they overcame him by the blood of the Lamb and by the word of their testimony, and they did not love their lives to the death.