A simple method uses Base64 encoding to encode the value. It's very similar to Hex encoding (which is Base16), but uses a longer dictionary.
Base64 strings, when properly prepared, contain only printable characters. This is a benefit for copy/paste and for sharing.
The secondary benefit is that it has a 3:4 encoding ratio, which means that it's reasonably efficient. A 3:4 encoding ration means that for each 3 bytes in the input, 4 bytes are used to encode (75% efficient); Hex encoding is a less efficient 1:2 encoding ratio, or for each 1 byte of input, 2 bytes are used to encode (50% efficient).
You can use the Ruby standard library Base64 implementation to encode and decode, like so:
require "base64"
encoded = Base64.encode64("Taste the thunder!") # <== "VGFzdGUgdGhlIHRodW5kZXIh\n"
decoded = Base64.decode64(encoded) # <== "Taste the thunder!"
Note that there is a (mostly) URL-safe version, as well, so that you can include an encoded value anywhere in a URL without requiring any additional URL encoding. This would allow you to pass information in a URL in an obscured way, and especially information that normally wouldn't be easily passed in that manner.
Try this to encode your data:
encoded_url_param = Base64.urlsafe_encode64("cake+pie=yummy!") # <== "Y2FrZStwaWU9eXVtbXkh"
decoded_url_param = Base64.urlsafe_decode64(encoded_url_param) # <== "cake+pie=yummy!"
Using Base64 in a URL, while actually not "security", will help keep prying eyes from your data and intent. The only potential downside to using Base64 values in a URL is that the URL must remain case-sensitive, and some applications don't honor that requirement. See the Should URL be case sensitive SO question for more information.