Blood is a vital liquid connective tissue that transports oxygen and waste, originating from the bone marrow and consisting of red blood cells, white blood cells, and platelets suspended in plasma. Blood donation is crucial for medical needs arising from accidents, cancer, and surgeries, and potential donors must be between 18-55 years old and meet certain health criteria. Regular donation is necessary as donated blood lasts about 40 days, and the body can safely replenish blood every three months.