Your blog settings let you determine how you want to handle comments and alter your time / date settings. These settings can be found via the Blog Settings button at the bottom of the blog. Or directly under Settings > Blogs.
There are three sections under Settings: Comments, General, and Date & Time.
The Comments section gives you the choice of using one of three comment systems for your posts: our built in system, Disqus, or Facebook. You can also turn comments off entirely if you don't want them. You'll find articles that describe these three different systems here:
The General section has, as you might imagine, some basic, general settings. This includes control over the number of individual posts shown on each blog page (this defaults to 10, but can be set to more or less), whether you want to include Facebook and Twitter share buttons on your posts so visitors can easily share them to either service, and whether or not you want your blog to have a sidebar that shows up everywhere on the blog (including each individual post). There are also spots to add code to the header and footer of each blog post, but these options are rarely used and you likely need to do nothing with them.
The Date & Time for your blog (and the rest of your site) can be configured via the Settings tab, under General > Site Formatting.
Remember to Save Changes when you're done and that these alteration won't have any impact on your live site until you Publish again.