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No longer is it necessary to trust some communications channel to be secure against eavesdropping or betrayal. Anyone can send a confidential message just using public information, but it can only be decrypted with a private key that is in the sole possession of the intended recipient. Furthermore, public-key cryptography can be used for authentication (digital signatures) as well as for privacy (encryption).
Here's how it works for encryption: when Alice wishes to send a message to Bob, she looks up Bob's public key in a directory, uses it to encrypt the message and sends it off. Bob then uses his private key to decrypt the message and read it...
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