What are the best practices for securely storing and verifying user passwords in a PHP application?

One of the best practices for securely storing and verifying user passwords in a PHP application is to use password hashing functions like password_hash() to securely store passwords and password_verify() to verify them. It is important to never store passwords in plain text or use outdated and insecure hashing algorithms.

// Storing user password securely
$password = 'user_password';
$hashed_password = password_hash($password, PASSWORD_DEFAULT);

// Verifying user password
$entered_password = 'user_entered_password';
if (password_verify($entered_password, $hashed_password)) {
    // Password is correct
} else {
    // Password is incorrect
}