And why do we still need them
A timelock is a security equipement installed inside a safe or a vault door disabling its opening for a given amount of time.

Even with the code, the keys or any other system, your safe is closed until the time set in the Timelock is elapsed.
Developped in the 19th century to avoid kidnapping and safe openings under constraint, this system remains the one and only solution to impeach safe or vaults openings during a given period of time.
In the digital era we are living in, a simple mechanic device based on the Swiss state of the art horologery movements still stands to protect the most precious goods, these systems by their simplicity and their total isolation from the outside are completely out of reach for any manipulation once the safe is closed.
Timelocks are installed each day in high security vaults or safes and gives their owner the assurance that their belongings will not fall on the wrong hands.