What does the blood of Jesus actually do?

A basic principle of Christianity is that Jesus died on the cross for our sins. What exactly this statement means has increasingly come under debate in our time. For most of the modern period, Protestantism has almost exclusively understood Jesus’ death on the cross as a punishment that pays a debt, or “penal substitution.” Added to this has been the assumption that the primary problem resolved by the cross is God’s anger about our sin. These are two separate issues. I believe that penal substitution has Biblical support, but it has been drastically over-weighted; I do not believe that a view of the cross as an appeasement of God’s anger is Biblically faithful. One way of exploring this phenomenon (imperfectly) is to look at all the references to Jesus’ blood in the New Testament to see what the Bible says that the blood actually does.
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