Markov Chain
The Markov chain is one of the most important stochastic processes and solves real-world problems with probabilities. A Markov chain is a model of random movement in a discrete set of possible locations (states), in other words, a model of transition from one location (state) to another with a certain probability. It is named after Andrey Markov, the Russian mathematician who is best known for his work on stochastic processes. It is a mathematical system describing a sequence of events in which the probability of each event depends only on the previous event.
The events or states can be written as {
, where 
is the state at time t. The process {} has a property, which is 
, which depends only on 
and does not depend on {
. Such a process is called a Markovian or Markov chain. It is a random walk to traverse a system of states. A two-state Markov chain is one in which a state can transition...
