The Liquid Immersion Blanket: Robust Accountancy (LIBRA) experiment will be a first-of-a-kind experiment to explore and develop the liquid immersion blanket (LIB) concept. The LIB is a radically simple molten–LiF-BeF2 (FLiBe)–salt tritium breeding blanket for deuterium-tritium (D-T)–fueled fusion power plants (FPPs) achieving a high tritium breeding ratio (TBR) in neutronics models. However, tritium breeding in FLiBe is inherently difficult to study experimentally. As a result, the coupled issues of FLiBe radiochemistry and tritium (T) transport are poorly understood. LIBRA approaches this challenge by simulating an FPP blanket environment using a D-T neutron generator and 1000 kg of FLiBe. LIBRA will investigate T breeding, containment, and extraction, coupled with FLiBe redox control and radiochemistry. The primary goal of LIBRA is to demonstrate robust T accountancy in blanket prototypical conditions. Here, T accountancy encompasses accurate predictions of T breeding in the FLiBe; detection and measurement of all T bred in LIBRA; and speciation of the T extracted from the FLiBe. Initial neutronics simulations of LIBRA indicate that a global TBR of 1 is possible, where the TBR is defined as the number of tritons bred and extracted from FLiBe relative to the number of neutrons produced by D-T fusion reactions in the neutron generator. In this paper, we present the LIBRA concept and its scientific goals in the context of T breeding experiments. We also consider the potential impact of the LIB on the future fusion power industry, motivating further development of FLiBe-based T breeding research activities such as LIBRA.