Here is another question for you
What would a different word for blood be?????
[Romans 5:1 KJV] "Therefore being justified by faith, we have peace with God through our Lord Jesus Christ:" ********* where do you see the blood????????
Sorry for the confusion, I meant Rom. 5:9, which in the NIV says, "Since we have now been justified by his blood, how much more shall we be saved from God’s wrath through him!"
"Justified" means all of this: redeemed, sanctified, accepted, adopted, and more. Various scriptures say we are justified by His blood, by His death, by grace, and by faith. It's all aspects of the same action of God toward us.
With that said, there is no "different word" for blood in the literal sense, either in Greek or English. But "blood" has several meanings, depending on the particular context. Literally, it means physical blood, but it has nuances in which the term "blood" is used figuratively at the same time. So it also means death (since the life is in the blood). The song saying, "there's power in the blood" is using the term "blood" figuratively, although the referent is the literal blood of Jesus.
Then, in regard to Col. 1:14, Rev. 5:9 clearly states we are redeemed by the blood of Christ, and therefore redemption is obviously based on the substitutionary sacrifice of Jesus on the cross. Peter says the same thing in different words in 1 Pet. 2:24 which says that Jesus bore our sins in His body on the cross so that we might die to sin and live to righteousness. Jesus bearing our sins in His body certainly includes the spilling of His blood, and this is how we are redeemed.