All existing answers are WRONG because they are based on SELECT while generating unique index per table record. Let us assume that we need unique code per record while inserting: Imagine two concurrent INSERTs are happening same time by miracle (which happens very often than you think) for both inserts same code was generated because at the moment of SELECT that code did not exist in table. One instance will INSERT and other will fail.
First let us create table with code field and add unique index
CREATE TABLE my_table
(
code TEXT NOT NULL
);
CREATE UNIQUE INDEX ON my_table (lower(code));
Then we should have function or procedure (you can use code inside for trigger also) where we 1. generate new code, 2. try to insert new record with new code and 3. if insert fails try again from step 1
CREATE OR REPLACE PROCEDURE my_table_insert()
AS $$
DECLARE
new_code TEXT;
BEGIN
LOOP
new_code := LOWER(SUBSTRING(MD5(''||NOW()::TEXT||RANDOM()::TEXT) FOR 8));
BEGIN
INSERT INTO my_table (code) VALUES (new_code);
EXIT;
EXCEPTION WHEN unique_violation THEN
END;
END LOOP;
END;
$$ LANGUAGE PLPGSQL;
This is guaranteed error free solution not like other solutions on this thread