That's a different question, you are acting as the reverse "TPM" chip and sending the processing away and then deciphering the result in protected space: your computer.

I can't see how you can't trace a program on a computer without such a black box part. Just ask any software cracker.

homomorphic encryption is like an interpreter that can run encrypted code without decrypting it.*

this is like a compiler that generates obfuscated code (that is as hard to decompile as if it were encrypted).

*Technically homomorphic encryption refers to performing arithmetic (and other?) functions on encrypted data without decrypting the data. But these operations can then be used to construct an interpreter that treats the data as code.