Final answer:
Transferrin functions as the transport protein for iron in the blood, carrying the iron in the ferric state (Fe³⁺) to various cells and allowing its release for immediate use or storage in the form of ferritin.
Step-by-step explanation:
The role of transferrin is crucial in the transport of iron in the blood. This protein binds to iron in the ferric state (Fe³⁺) in the plasma, forming a transferrin-iron complex which is responsible for the delivery of iron to various cells throughout the body. Once the iron-transferrin complex reaches a cell, iron is then released from transferrin by reduction to Fe²⁺, following which it can be used immediately for biological processes such as the synthesis of hemoglobin, or stored within cells as ferritin.