The present invention is directed to a system and method that normalized the intricacies of each crypto asset blockchain in order to provide a data model where transactions are represented as sets of debit and credit operations applied to accounts. The Universal Blockchain Data Model (UBDM) of the present invention translates various blockchain concepts into double entry bookkeeping concepts by creating two types of accounts: 1) user accounts and 2) virtual accounts such as issuance accounts and fee accounts.