I have read recently that Google are using Structured Data (which can be found in Google web master Console) to rank websites.
Can someone please explain what structured data is and how it will boost my ranking in Google?
Have you read this?
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yes - but I do not see how it will improve ranking. Google have said Structured Data will be relevant google ranking factor in the new mobile index
Exactly - it is for usability. Do not believe everything you read on the internet especially if it is related to SEO.
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Structured data is a way to provide data on your page in an unambiguous, machine readable way.
This helps the crawlers to properly understand the information provided on your page. Understanding the correct meaning of the information helps them to provide more targeted and relevant results to those using their search engine.
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