R.C. Sproul is quoted answering "What is the significance of the shedding of blood in the atonement?" here from his book "Now, That's a Good Question!" available for purchase here.
A quote from Sproul's quote: The significance of blood in the sacrificial system is that it represents life. The Old Testament repeatedly makes the point that "the life of the flesh is in the blood" (Lev. 17:11). Therefore, when the blood is poured out, the life is poured out. ... the penalty that was laid down for disobedience (in the Garden of Eden) was death. God required that penalty for sin. That is why Jesus had to die to accomplish the atonement. When the blood is shed and the life is poured out, the penalty is paid. Nothing short of that penalty will do.
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