Are there any best practices for securely storing passwords on a remote server using PHP?

Storing passwords securely on a remote server is crucial to protect user data from unauthorized access. One best practice is to hash the passwords using a strong hashing algorithm like bcrypt before storing them in the database. Additionally, it's recommended to use a secure connection (HTTPS) when transmitting passwords to and from the server.

// Hash the password using bcrypt before storing it in the database
$password = password_hash($password, PASSWORD_BCRYPT);

// Verify the password using password_verify
if (password_verify($input_password, $stored_password)) {
    // Password is correct
} else {
    // Password is incorrect
}