How can PHP developers improve password security by using password_hash() instead of MD5?

Using password_hash() instead of MD5 improves password security by utilizing stronger and more secure hashing algorithms such as bcrypt or Argon2. These algorithms are specifically designed for securely hashing passwords and include features like salting and iteration counts to protect against brute force attacks. By using password_hash(), PHP developers can enhance the security of user passwords in their applications.

$password = "password123";
$hashed_password = password_hash($password, PASSWORD_DEFAULT);