How can the passhash() function be properly implemented to ensure accurate password hashing in PHP?

To properly implement the passhash() function for accurate password hashing in PHP, it is recommended to use the password_hash() function with the PASSWORD_DEFAULT algorithm. This function securely hashes passwords using bcrypt algorithm, making it a reliable choice for password hashing in PHP.

function passhash($password) {
    $hashed_password = password_hash($password, PASSWORD_DEFAULT);
    return $hashed_password;
}