Wikipedia tells us: “Peer review (known as refereeing in some academic fields) is a process of subjecting an author’s scholarly work or ideas to the scrutiny of others who are experts in the field. It is used primarily by editors to select and to screen submitted manuscripts, and by funding agencies, to decide the awarding of grants. The peer review process aims to make authors meet the standards of their discipline, and of science in general. Publications and awards that have not undergone peer review are likely to be regarded with suspicion by scholars and professionals in many fields. Even refereed journals, however, can contain errors.”
I have been peer reviewing for Vox Sanguinis, Transfusion, International and Experimental Gerontology for years now. This means approximately a total of 10 reviews per year, which forces me to keep up with the current relevant literature to do this job.