Final answer:
The algorithm best suited for preparing unique tags for each identified species on Earth is SHA-256.
Step-by-step explanation:
For the task of preparing unique tags for each identified species on Earth, the algorithm best suited would be SHA-256. SHA-256 is a cryptographic hash function that generates a unique and fixed-size hash value for any given input. It is commonly used in digital security applications, ensuring the integrity and uniqueness of data.