San Francisco Federal Reserve President John Williams said Tuesday that blockchain technology could lower costs while making record keeping easier and more efficient. Williams, who was speaking at Boise State University, also said that people increasingly understand that bitcoin won't replace government-issued currencies like the U.S. dollar. Back in December, the Fed published a paper examining how blockchain technology could be applied in the financial industry. Fed Chairwoman Janet Yellen has previously said that blockchain technology could have a significant impact on the payments system.