Hello Shiva,

in the second case you use a command like maximum-paths 2 or other extensions for MPLS enviroments like maximum-paths ibgp | eigrp in order to install two BGP paths and use them to perform load-balancing toward a destination.

An anycast next-hop is an IP address that is intentionally duplicated in the network and advertised in the IGP.

Example: anycast RP.

An anycast ip address represents a network service.

A BGP network with an anycast next-hop should be br recursion forwarded to the nearest instance of the anycast address.

Nearest for the IGP routing protocol metric.

So you can have redundancy without changing configs if the nearest node fails traffic is sent to another node hosting the anycast next hop ip address

Hope to help

Giuseppe