JWTs are a compact way to securely transmit information between parties as a JSON object that can be digitally signed and verified. A JWT contains a header, payload, and signature. The payload contains claims about an entity that are used to generate the signature. Flask JWT extensions make it easy to generate and verify JWTs to authenticate users and restrict access to protected routes in Flask applications. Access tokens are short-lived JWTs that grant access to resources, while refresh tokens allow new access tokens to be generated after expiration. Blacklists are used to revoke compromised tokens before expiration.