Basically Keystore is used to store private key
and identity certificates
that a specific program should present to both parties (server or client) for verification.
The Android Keystore system
lets you store cryptographic keys in a container to make it more difficult to extract from the device. Once keys are in the keystore, they can be used for cryptographic operations with the key material remaining non-exportable. Moreover, it offers facilities to restrict when and how keys can be used, such as requiring user authentication for key use or restricting keys to be used only in certain cryptographic modes. See Security Features section for more information.
The Keystore
system is used by the KeyChain API, introduced in Android 4.0 (API level 14); the Android Keystore provider feature, introduced in Android 4.3 (API level 18); and the Security library, available as part of Jetpack. This document goes over when and how to use the Android Keystore provider.
For details information please refer to this -
https://developer.android.com/training/articles/keystore