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We currently have a Magento 2 store that uses MD5 Hash to connect to Authorize.

Authorize is phasing out the MD5 based hash we need to move to SHA-256 hash via Signature Key.

Did any of you have to go through this? Can you shed some light on what needs to be done? Thank you in advance.

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Authorize.Net is phasing out the MD5 based transHash element in favor of the SHA-512 based transHashSHA2. The setting in the Merchant Interface which controls the MD5 Hash option will be removed by the end of January 2019, and the transHash element will stop returning values at a later date to be determined.

This means you will no longer be able to use the MD5 for validation in the future but They do offer a Signature Key that is able to offer that same validation for your website/software that is currently utilizing the MD5. You can learn more about this process and how the Signature Key can be used in place of the MD5 here:

https://developer.authorize.net/support/hash_upgrade/

For Magento: https://support.magento.com/hc/en-us/articles/360024368392

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