Fed's Williams: "blockchain technology could lower costs"

San Francisco Federal Reserve President John Williams, noted, "blockchain technology could lower costs while making record keeping easier and more efficient."

Key Highlights:

•During his speech at Boise State University, Fed's Williams noted how people increasingly understand that bitcoin won't replace government-issued currencies like the US dollar.

•Back in December, the Fed published a paper examining how blockchain technology could be applied in the financial industry. Fed Chairwoman Janet Yellen had echoed that blockchain could have a significant impact on the payments system.