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What is the significance of OWD?

I think that my this thought is weird but I am still thinking.

Basically OWD is record level security. We can provide the same security level by profile and role. Then what is the significance of OWD? Cann't we make OWD obsolete?

OWD: Organization-wide sharing settings specify the default level of access to records and can be set separately for accounts (including assets and contracts), activities, contacts, campaigns, cases, leads, opportunities, calendars, price books, and custom objects.

OWD controls base level access to different standard and custom objects.

Some importants Links:
1. https://help.salesforce.com/HTViewHelpDoc?id=security_sharing_owd_about.htm&language=en_US
2. https://help.salesforce.com/HTViewHelpDoc?id=security_phc_owd.htm&language=en_US
3. https://help.salesforce.com/HTViewHelpDoc?id=security_owd_external_setting.htm&language=en_US

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@Sumitkumar_Shingavi: Thanks for quick reply. Actually, I know that OWD is default level access. But still my question is same. I can give the same access with profile and role. then what is the actual use of OWD?
It is NOT "default level access" BUT it is "base level access" and what it means is it is minimum level of access to be permitted for "EVERY USER in the org" whole profiles and roles are more of User level specific access where you assign a role/profile to a user. I hope this will help you to understand it clearly!

PS: if this answers your question then hit Like and mark it as solution
farukh sk hdfarukh sk hd
OWD is a record level access for an organization which specifies the level of access a user has to other user data and is basically used to restrict access. You can change the organization-wide sharing settings for both standard and custom object. You can set the OWD for objects to private, public readonly, public read/write.

For more details visit here,
Once users have got access to the Organization and the Objects, it is important to set a baseline level of visibility for each object across the entire organization. The Organization-wide Default or OWD in Salesforce decides what access and permissions users have to the records they do not own. 
for a complete detail on OWD you must check: OWD in Salesforce| Organization-wide Default (https://sfdcwisdom.com/owd-in-salesforce)