This woodblock have been used for printing Lung ta or wind horse prayer flags. At its centre is the supreme horse Bhala, bearing flaming jewel on its back. The wind horse is a symbol of speed and the transformation of bad fortune to good fortune. The flaming jewel symbolize the Buddha, the Dharma (Buddhist teachings) 

Typically prayers for the person who mounts the flags are included in prayer flags and this example contains a prayer which seeks, “The enhancement of good health, longevity, power and success to the one named”, followed by a space to write one’s name.