[jepler]

This is quite possible, and I'm sure someone's doing it. At $OLD_DAY_JOB I developed a way to byte compile and then encrypt Python byte code for plug-ins, to meet a requirement from some third party partner.

This was long enough ago that it was in the Python 2 days, so I don't know if the method survived the product's transition to Python 3. I do know the method would probably not have survived a dedicated reverse engineer who wanted to figure out how to recover the unencrypted bytecode.