Are there alternative methods to password encryption in PHP that are equally secure?

One alternative method to password encryption in PHP that is equally secure is to use the password_hash() function with the PASSWORD_ARGON2I algorithm. This algorithm is considered to be one of the most secure options for hashing passwords in PHP.

$password = 'password123';
$hashed_password = password_hash($password, PASSWORD_ARGON2I);

// Store $hashed_password in the database