Are there any best practices for securely storing and managing passwords in PHP applications?

Storing and managing passwords securely in PHP applications is crucial for protecting user data. One best practice is to use password hashing functions like password_hash() to securely store passwords in a hashed format. Additionally, it's important to use a unique salt for each password to add an extra layer of security.

// Hashing and storing a password securely
$password = "secret_password";
$hashed_password = password_hash($password, PASSWORD_DEFAULT);

// Verifying a password
$entered_password = "secret_password";
if (password_verify($entered_password, $hashed_password)) {
    echo "Password is correct!";
} else {
    echo "Password is incorrect!";
}