Transport of Oxygen:
Haemoglobin transports oxygen molecule to all the cells in the body for cellular respiration. The haemoglobin pigment present in the blood binds to O2 molecules that are obtained from breathing and thus forms oxyhaemoglobin. This oxygenated blood is then distributed to all the cells of the body by the heart. After giving away O2 to the body cells, blood takes away CO2 which is the end product of cellular respiration and the blood becomes de-oxygenated.
Transport of carbon dioxide:
Since haemoglobin pigment has less affinity for CO2, CO2 is mainly transported in the dissolved form. The deoxygenated blood gives CO2 to lung alveoli and takes O2 in return.