What alternative PHP functions or methods can be used for secure password hashing?

When storing passwords in a database, it is essential to hash them securely to protect user data in case of a breach. Instead of using the outdated `md5` or `sha1` functions, it is recommended to use stronger hashing algorithms like `password_hash` and `password_verify` functions provided by PHP. These functions use bcrypt algorithm by default and handle salting and hashing in a secure manner.

// Hashing a password
$password = "secretPassword";
$hashedPassword = password_hash($password, PASSWORD_DEFAULT);

// Verifying a password
$enteredPassword = "secretPassword";
if (password_verify($enteredPassword, $hashedPassword)) {
    echo "Password is correct!";
} else {
    echo "Password is incorrect!";
}