SQL Server - HashBytes - save encrypted password

DECLARE @NewPassword NVARCHAR(25) = N'1234';

UPDATE ...
SET [Password] = HashBytes('MD5', @NewPassword)

Hash data is SQL using HASHBYTES

HASHBYTES('<hash algorithm>', <string text or column>)
http://msdn.microsoft.com/en-us/library/ms174415.aspx

<algorithm>::= MD2 | MD4 | MD5 | SHA | SHA1 | SHA2_256 | SHA2_512

Hashing vs Encryption:

http://copypastenet.blogspot.co.il/2014/07/hashing-vs-encryption.html

Hashing vs Encryption

Encryption is a two way process.

Hashing is unidirectional.

In order to find the source value of hashed text, 

we need to hash all the optional strings (for example: hash a column data from a table), and to compare to the hashed string.