Why is it important to use password_hash() and password_verify() instead of MD5 for password encryption in PHP?

Using password_hash() and password_verify() functions in PHP is important for password encryption because they use a secure hashing algorithm (bcrypt) that is designed for password hashing. MD5, on the other hand, is considered outdated and insecure for password storage due to its vulnerability to brute force attacks. By using password_hash() and password_verify(), you can ensure that passwords are securely hashed and verified, protecting user data from potential security breaches.

// Hashing a password
$password = "password123";
$hashed_password = password_hash($password, PASSWORD_DEFAULT);

// Verifying a password
$entered_password = "password123";
if (password_verify($entered_password, $hashed_password)) {
    echo "Password is correct!";
} else {
    echo "Password is incorrect!";
}