How does jitō work?

Could you elaborate on the workings of jitō in the realm of cryptocurrency and finance? As a professional practitioner, I'm particularly interested in understanding how this system functions and its potential implications in our industry. I'm looking for a concise yet thorough explanation of the fundamental principles, processes, and potential benefits or risks associated with jitō. Your insights would be invaluable in helping me grasp the nuances of this emerging concept.