This table below demonstrates the main differences:
+--------------------------------------------------------------------+
| Purpose | null=True | blank = True |
|--------------------------|------------------|----------------------|
| Field can be empty in DB | Do this | Unaffected |
|--------------------------|------------------|----------------------|
| ModelForm(required field)| Unaffected | field not required |
|--------------------------|------------------|----------------------|
| Form Validation | Unaffected | field not required |
|--------------------------|------------------|----------------------|
| on_delete=SET_NULL | Need this | Unaffected |
+--------------------------------------------------------------------+