they do stack as all stackable mods do. I no of no cap limit for blocking %age so I assume there is none. so in your case it will be 0.5x0.5=0.25 which means 25% chance to hit or in other words 75% chance to block
50% block of 50%(ones that get through whichever is calculated first) means 75%. You get diminishing returns after the first blocking effect. Effectively it isn't really worth it except in very rare circumstances to devote more than one or two skills to blocking, now blind is another story .