Firstly, What exactly is a Favicon?

A favicon is a small image shown in the tab of your browser, It just gives a blog a good look and almost all websites have it, even mine

Is Favicon Good For SEO?

Nope, as I said it just gives a website good look. It doesnt have anything to do with SEO.

Now let me show you how to install it on a Blogger,

1) Make a small image for your blog which matches color of your blog.

2) Visit Free Favicon Generator and upload the graphic you have made.

3) You will get a favicon.ico file, Download it.

4) Upload if to some website or you can let iconj.com host it on their server.

Next, Insert code just above the < /head > tag, click Save Template and you are done. Your favicon will now load when you open your website \:D/