"Cloakware’s White-box cryptography solutions operate without revealing keys or data while the cryptographic computations are being observed in complete detail."
Whitebox crypto has existed for a while, it theorethically offers a bit of extra security when it comes to an attacker which is able to analyze the entire system, but in practice almost all of these techniques can be defeated by a skilled attacker, and were defeated in the past. Whitebox crypto can take many forms, some weaker/stronger than the other, so I'll just give a simple example:
Most common usage for this is for DRM implementation, and it tends to be used in sitation where the vendor doesn't want to reveal let's say an AES key the use to decrypt some data. In a software implementation, the attacker can initially just copy or reuse the original code to simply do the decryption for him and not having to worry much(and still get what he needs, which is the data), then the attacker can recognize what kind of whitebox crypto was used and try to see if he can transform the algo into plain AES (and recover the key by transforming the given key), this has been done many times by now, but if you want a practical example, just look at the people reverse engineering BD+, you'll see they have to defeat some new WB AES implementation whenever a major BD+ update happens, and they usually deal with it swiftly, but even if they didn't, they could just reuse the individualized crypto used in their target application. I've only mentioned that the individualized algo doesn't reveal keys, but it usually can't avoid revealing data as it's needed by much more complex modules/plugins, which can't be easily be made to use wb crypto. In the more complex case where data is hidden too, one has to deal with code where the entire algo was altered, but in practice, it can all be recovered due to constraints the code has to run under (such as size, complexity, execution time, and so on ). The second use of WB crypto is in hardware, where actually copying the algo is a much harder job than with software, but the same steps apply, except that it's considerably more costly and time consuming.
tl;dr: technique useful as part of a DRM implementation for media and code, almost always reversable in practice due to various constraints the application/device must fit.