You do

bcrypt is an hashing algorithm which is scalable with hardware (via a configurable number of rounds). Its slowness and multiple rounds ensures that an attacker must deploy massive funds and hardware to be able to crack your passwords. Add to that per-password salts (bcrypt REQUIRES salts) and you can be sure that an attack is virtually unfeasible without either ludicrous amount of funds or hardware.

bcrypt uses the Eksblowfish algorithm to hash passwords. While the encryption phase of Eksblowfish and Blowfish are exactly the same, the key schedule phase of Eksblowfish ensures that any subsequent state depends on both salt and key (user password), and no state can be precomputed without the knowledge of both. Because of this key difference, bcrypt is a one-way hashing algorithm. You cannot retrieve the plain text password without already knowing the salt, rounds and key (password). [Source]

You can use crypt() function to generate bcrypt hashes of input strings. This class can automatically generate salts and verify existing hashes against an input.

class Bcrypt {
  private $rounds;
  public function __construct($rounds = 12) {
    if(CRYPT_BLOWFISH != 1) {
      throw new Exception("bcrypt not supported in this installation. See http://php.net/crypt");
    }

    $this->rounds = $rounds;
  }

  public function hash($input) {
    $hash = crypt($input, $this->getSalt());

    if(strlen($hash) > 13)
      return $hash;

    return false;
  }

  public function verify($input, $existingHash) {
    $hash = crypt($input, $existingHash);

    return $hash === $existingHash;
  }

  private function getSalt() {
    $salt = sprintf('$2a$%02d$', $this->rounds);

    $bytes = $this->getRandomBytes(16);

    $salt .= $this->encodeBytes($bytes);

    return $salt;
  }

  private $randomState;
  private function getRandomBytes($count) {
    $bytes = '';

    if(function_exists('openssl_random_pseudo_bytes') &&
        (strtoupper(substr(PHP_OS, 0, 3)) !== 'WIN')) { // OpenSSL slow on Win
      $bytes = openssl_random_pseudo_bytes($count);
    }

    if($bytes === '' && is_readable('/dev/urandom') &&
       ($hRand = @fopen('/dev/urandom', 'rb')) !== FALSE) {
      $bytes = fread($hRand, $count);
      fclose($hRand);
    }

    if(strlen($bytes) < $count) {
      $bytes = '';

      if($this->randomState === null) {
        $this->randomState = microtime();
        if(function_exists('getmypid')) {
          $this->randomState .= getmypid();
        }
      }

      for($i = 0; $i < $count; $i += 16) {
        $this->randomState = md5(microtime() . $this->randomState);

        if (PHP_VERSION >= '5') {
          $bytes .= md5($this->randomState, true);
        } else {
          $bytes .= pack('H*', md5($this->randomState));
        }
      }

      $bytes = substr($bytes, 0, $count);
    }

    return $bytes;
  }

  private function encodeBytes($input) {
    // The following is code from the PHP Password Hashing Framework
    $itoa64 = './ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789';

    $output = '';
    $i = 0;
    do {
      $c1 = ord($input[$i++]);
      $output .= $itoa64[$c1 >> 2];
      $c1 = ($c1 & 0x03) << 4;
      if ($i >= 16) {
        $output .= $itoa64[$c1];
        break;
      }

      $c2 = ord($input[$i++]);
      $c1 |= $c2 >> 4;
      $output .= $itoa64[$c1];
      $c1 = ($c2 & 0x0f) << 2;

      $c2 = ord($input[$i++]);
      $c1 |= $c2 >> 6;
      $output .= $itoa64[$c1];
      $output .= $itoa64[$c2 & 0x3f];
    } while (1);

    return $output;
  }
}

You may use this code as such:

$bcrypt = new Bcrypt(15);

$hash = $bcrypt->hash('password');
$isGood = $bcrypt->verify('password', $hash);

Alternatively, you may also use the Portable PHP Hashing Framework.

NOTE: This answer was originally posted at StackOverflow.com by Andrew Moore