A Markov chain, named after Andrey Markov, is a mathematical
system that undergoes transitions from one state to another, between a finite
or countable number of possible states. It is a random process characterized as
memoryless: the next state depends only on the current state and not on the
sequence of events that preceded it. This specific kind of
"memorylessness" is called the Markov property. Markov chains have
many applications as statistical models of real-world processes.