Blob support landed in React Native in 0.54.
In effect this means you can hold a reference in JS to a resource which exists on the native side, and pass it to a native module without needing a round trip of the serialised data over the bridge and back.
JS side, you can retrieve a blob from fetch like so, which you can then pass to your native module.
const response = await fetch(BLOB_URL);
const blob = await response.blob();
...
blob.clear();