Comparing Arrays & Linked Lists :

Array: Arrays store elements in contiguous memory locations, resulting in easily calculable addresses for the elements stored and this allows faster access to an element at a specific index.

Linked List: Linked Lists are less rigid in their storage structure and elements are usually not stored in contiguous locations, hence they need to be stored with additional tags giving a reference to the next element. 

The Major Difference Between Arrays & Linked Lists :

Application of Linked List

1. Implementing Stacks.
2. Queues using Linked List.
3. Implementation of Graphs.
4. Implementing Hash Tables.
5. Portray a Polynomial with a Linked List.
6. Large-Number-Arithmetic.
7. Linked allocation of files.
8. Memory Management with Linked List.