Protect Passwords in wp_users with stronger protection than MD5

Password hashing/checking system in WP is pluggable, which essentially means that it is designed to be replaceable with custom implementation. This isn’t commonly done due to relying on defaults and compatibility. WP tries hard for backwards compat (such as with earliest single MD5 implementation) and portability (hashes from one WP install would work on another).

There are off–the–shelf solutions around that change hashing to a newer and more secure algorithms. At this time this is mostly considered password_hash() in PHP, which is designed to be future–proof. Algorithm used and salts are embedded in resulting hash, so you can keep moving to stronger algorithms in future, while being able to transparently verify older hashes.

From quick search roots/wp-password-bcrypt is one of such implementations.