Changing favicon of the blog

So, if you are a regular viewer of my blog :P then you must have already noticed the change in my blog. Yeah... today, I thought of changing my blog's favicon from the default blogger icon to my own photo ;) and yes thats me on your browser's tab of this blog, which we simply call it favicon or favorite icon. So I though why not share the knowledge. So if you are new, then here I will list you the steps in changing your blog's favicon.