Both authentications use cookies to identify the user.
you can also hash a normal cookie, but jwt is an established cookie-signing standard.
1. Session based authentication
After authentication, a session id is stored in the cookie, and that id is cross referenced with a database which contains all the user information, such as username, access privileges(claims), etc
2. Token based authentication
With token based authentication, claims of the user are stored in a jwt, and there is no need to cross reference a database which stored details about the user's session, as its all in the jwt.
N.B. sensitive information should still not be stored in a jwt.
1. Session based authentication
1. Session based authentication
advantages :
- More detailed data can be referenced to a session ID in a cookie.
disadvantages :
- Requires big database.
- Difficult to scale when more than one server.
2. Token based authentication
advantages :
- Light-weight
- Do not need database of session IDs.
- You do not need to append database
- you can still set max-age and then on verify it will not approve if it's expired
disadvantages :
- Header and payload are only encoded, not encrypted.
- For more sophisticated websites, you may still need to store session IDs to reference session activity.

