The bicarbonate buffer system is a vital physiological mechanism that helps maintain the pH balance in biological fluids by utilizing bicarbonate ions (HCO₃⁻) and carbonic acid (H₂CO₃). This system is essential for regulating acidity and alkalinity in the body, particularly in blood, by shifting between bicarbonate and carbonic acid based on metabolic processes and respiratory functions. It showcases how polyprotic acids and bases interact within the body to stabilize pH levels, illustrating the importance of these compounds in biochemical systems.