That's a somewhat concerning choice of hash function. MD5's collision resistance is broken. It is well known to be broken, for more than a decade.
There's references to PHP on the page. 10 years ago [0] this message appeared in PHP's manual:
> The well known hash functions MD5 and SHA1 should be avoided in new applications. Collission attacks against MD5 are well documented in the cryptographics literature and have already been demonstrated in practice. Therefore, MD5 is no longer secure for certain applications.