How does the choice of hashing algorithm, such as SHA512 or MD5, impact the security of password storage in PHP applications?

The choice of hashing algorithm directly impacts the security of password storage in PHP applications. Stronger algorithms like SHA512 are more secure than weaker ones like MD5, as they produce longer hash values and are less susceptible to brute force attacks. It is recommended to use a secure hashing algorithm like bcrypt or Argon2 for password storage in PHP applications to ensure maximum security.

// Using bcrypt for password hashing in PHP
$password = "password123";
$hashed_password = password_hash($password, PASSWORD_BCRYPT);

// Verify password
if (password_verify($password, $hashed_password)) {
    echo "Password is correct";
} else {
    echo "Password is incorrect";
}