Indistinguishability obfuscation allows programs to run while they remain encrypted, including their internal data structures. This allows for a lot of things; just one example is programs can generate their own signing key so any computational process that we currently rely on a central authority for (e.g. verified software builds) we can now entrust to a computer program.
However, the recent advance is purely theoretical and we are still a long way away from implementing efficient IO. Wikipedia » Indistinguishability obfuscation:
There have been attempts to implement and benchmark IO candidates. For example, as of 2017, an obfuscation of the function $x_1 ∧ x_2 ∧ ⋯ ∧ x_{32}$ at a security level of 80 bits took 23.5 minutes to produce and measured 11.6 GB, with an evaluation time of 77 ms. Additionally, an obfuscation of the Advanced Encryption Standard encryption circuit at a security level of 128 bits would measure 18 PB and have an evaluation time of about 272 years.
Pellet--Mary, Alice (26 May 2020). "Co6GC: Program Obfuscation | COSIC". www.esat.kuleuven.be. Archived from the original on 11 November 2020. Retrieved 22 August 2021.