A blood transfusion involves administering blood or blood components intravenously to restore or replace blood elements. Whole blood contains all blood components while specific components like packed red blood cells, platelets, or plasma can be transfused individually. Transfusions are indicated to treat blood loss, anemia, low platelet counts, or coagulation factor deficiencies. Nurses must properly verify and administer transfusions while monitoring for potential reactions like hemolytic, allergic, febrile, or septic reactions.