What are the best practices for securely hashing passwords in PHP?

When storing passwords in a database, it is important to securely hash them to prevent unauthorized access in case of a data breach. One of the best practices for securely hashing passwords in PHP is to use the `password_hash()` function with the `PASSWORD_DEFAULT` algorithm, which automatically generates a strong salt for each hash. Additionally, it is recommended to use the `password_verify()` function to verify passwords during login attempts.

// Hashing a password
$hashed_password = password_hash($password, PASSWORD_DEFAULT);

// Verifying a password
if (password_verify($password, $hashed_password)) {
    // Password is correct
} else {
    // Password is incorrect
}