The TLS/SSL protocol provides privacy and integrity of communications over TCP by encrypting message content and verifying message integrity. It operates in layers, with the TLS record protocol handling fragmentation, compression, encryption, and MAC verification of messages, and the TLS handshake protocol allowing client and server to authenticate and establish encryption parameters before transmitting application data. Openssl is an open source implementation of the TLS/SSL protocols and cryptographic functions used for tasks like generating certificates.