Encrypting Data in AIR

In my current AIR project...I have used MD% algorithm to store the password in encrypted format(which is nothing else but a plain text)..and I every time the application starts I read the textfile ......

But just now read about Encrypting Data in AIR
Now thinking why the heck I used so much encryption and decryption :( when there was something like data Encryption was already available.

// Writing encrypted information

var passwordBytes:ByteArray = new ByteArray();

passwordBytes.writeUTFBytes("secretPassword");

EncryptedLocalStore.setItem("password", passwordBytes);


// Reading encrypted information

var passwordBytes:ByteArray = EncryptedLocalStore.getItem("password");

var password:String = passwordBytes.readUTFBytes(passwordBytes.length);

details here :
http://weblogs.macromedia.com/cantrell/archives/2007/12/encrypting_data.cfm