The lipid bilayer serves multiple functions: 1. Barrier Function: It acts as a selective barrier, regulating the entry and exit of substances. 2. Fluidity: The bilayer is fluid, allowing for the movement of proteins and lipids within the membrane, which is crucial for cell signaling and membrane repair. 3. Compartmentalization: It helps in the compartmentalization of cellular processes, enabling specialized functions within different organelles. 4. Signal Transduction: The bilayer is involved in signal transduction pathways, mediating communication between the cell and its environment.