What alternative hash algorithms can be used in PHP for password encryption?

When storing passwords in a database, it is important to use secure hashing algorithms to protect user data. In PHP, the `password_hash()` function with the `PASSWORD_DEFAULT` algorithm is commonly used for password encryption. However, there are alternative hashing algorithms available that can be used for password encryption in PHP, such as `PASSWORD_BCRYPT` and `PASSWORD_ARGON2I`.

// Using PASSWORD_BCRYPT algorithm for password encryption
$password = "secret_password";
$hashed_password = password_hash($password, PASSWORD_BCRYPT);