Hash Issues

I have some simple hash encryption code that encrypts a password. Here's my code behind:
    Protected Sub btUpdate_Click(ByVal sender As Object, ByVal e As EventArgs) Handles btUpdate.Click         Dim hashword As New Cryptography.SHA1CryptoServiceProvider         Dim passworddata(50) As Byte         Dim hashresult As String         Dim encoding As New System.Text.UTF8Encoding
        If (Page.IsValid) Then
            passworddata = encoding.GetBytes(tbPassword.Text)             hashresult = encoding.GetString(hashword.ComputeHash(passworddata))
            'Using ...