TLS 1.3 has been approved by the IETF after four years and 28 drafts, enhancing encryption by implementing faster and more robust security measures while denying the banking industry's request for a backdoor. The updated protocol streamlines the handshake process and eliminates vulnerable algorithms, allowing for quicker connections with improved security features like forward secrecy and ephemeral keys. Overall, TLS 1.3 sets the stage for broader application in various technologies, significantly enhancing online encryption standards.