Peer review can be defined as the review of the research done by the researchers. This review is done by the scientists, who work in the same field.
The advantages of the peer reviews are:
1. It allows a diversity of opinions, which removes the biases and the pre set ideas.
2. It allows checking if the idea is plagiarized and check if the results obtained are accurate.
3. As the peer review allows the review of the paper by expertise, and then the journal has special reputation and trust, which can help in further researches.
4. The peer review scientist can perform the same experiment and may try to replicate the result, to check whether the experiments are correct or not.
The peer review can lead to further innovations, but, this is not a benefit of peer review for the student. Also, it is not necessary, that peer review lead to further researches. Hence, it is not a benefit of peer review.