What's the difference between blocking and muting a player?

In Overwatch, there are 3 options for dealing with toxic players. Mute, Report, and Block.

Report is pretty self explanatory, but what's the difference between Mute and Block?

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Solution 1:

Mute will keep you from hearing a player on voice chat or seeing what they type in-game.

Block will prevent a player from private messaging you or adding you on Battle.net/Xbox Live/PSN.