Salt plus iterative hash password generation in Java. Salt should be stored next to hashed password for authentication. This algorithm can be enhanced with second salt - application wide salt. Another variation is concatenating it with username. Hashing calculation algorithm should be kept safe.

StorePassword.java

import java.nio.*;
import java.nio.charset.*;
import java.security.*;
import java.util.*;

public class StorePassword {
  public static int hashCount = 10000;
	public static String hashAlgorithm = "SHA-512";
	public static String charset = "UTF-8";
	
	public static void main(String[] args) throws NoSuchAlgorithmException{
		char[] password = System.console().readPassword("Please enter your password:");
		CharBuffer charBuffer = CharBuffer.wrap(password);
		ByteBuffer bf = Charset.forName(charset).encode(charBuffer);
		byte[] salt = new byte[64];
		new Random().nextBytes(salt);
		byte[] hashed = getHash(bf.array());
		System.out.println(hashed.length);
		System.out.println(Arrays.toString(hashed));
	}
	
	public static byte[] getHash(byte[] password, byte[] salt) throws NoSuchAlgorithmException{
		MessageDigest digest = MessageDigest.getInstance(hashAlgorithm);
		digest.reset();
		digest.update(salt);
		byte[] hash = digest.digest(password);
		for (int i = 0; i < hashCount; i++) {
			digest.reset();
			hash = digest.digest(hash);
		}
		return hash;
	}
}