Dubbed the FlyBag, this is a bag that is made out of Kevlar and other kinds of materials. The bag is also lightweight, strong, and flexible, and will act as a last minute precaution should a terrorist somehow manage to smuggle a bomb and sneak it past customs. This is also largely assuming that the bomb is a check-in luggage that will make its way to the luggage hold.
According to the BBC who got to witness the FlyBag in testing, a bomb was detonated on an old Airbus 320. The report claims that while an explosion could be heard, there was no visible signs of damage and while the luggages inside the FlyBag were destroyed (naturally), the aircraft itself remained intact.
As it stands, Italian carrier Meridiana was the first to show interest in the technology. It has yet to be commercialized but it is expected that more testing will need to be done before we start to see other airline companies start picking up on it, but in the meantime it definitely sounds promising.