The GY-530 module is a breakout board for the VL53L0X sensor that allows you to measure distances between 30mm and 2 meters.

The VL53L0X sensor determines the time of flight, the time delay of how long a light source takes to reach an object and back again. The sensor uses a laser with a wavelength of 940nm and is therefore invisible and harmless to the human eye.

Measuring with a laser has the advantage of a much smaller measuring cone compared to ultrasonic sensors. Unlike IR rangefinders, the VL53L0X is much more accurate and has no "double imaging" problems where the sensor can not decide if the object is very close or very far away.