What are the advantages of using password_hash() with the PASSWORD_DEFAULT algorithm in PHP for password hashing?

Storing passwords securely is crucial to protect user data. Using the `password_hash()` function with the `PASSWORD_DEFAULT` algorithm in PHP ensures that passwords are hashed using a strong one-way hashing algorithm, making it difficult for attackers to reverse engineer the original password. This method also automatically handles salting, which adds an extra layer of security to the hashed passwords.

$password = "secretPassword123";
$hashedPassword = password_hash($password, PASSWORD_DEFAULT);