yes, you can save it in the database in encrypted form, but if you do, make sure that the source code is saved somewhere ...
CREATE PROCEDURE dbo.foo
WITH ENCRYPTION
AS
BEGIN
SELECT 'foo'
END
, . - SQL Profiler ; , , (, GO, SQL ..). , , ( CREATE PROCEDURE). snoopers, sp_password , :
CREATE PROCEDURE dbo.foo
WITH ENCRYPTION
AS
BEGIN
SELECT 'foo'
END
MSDN