How to update openssl and/or install openssl 1.1.0 in centos 7 from sources

Updating openssl

After deploying new centos 7 distro, I checked version of openssl and it appeared to be very old (2013!!). To check openssl version, you can use this command:

openssl version
OpenSSL 1.0.1e-fips 11 Feb 2013

or this:

yum info openssl
Name        : openssl
Arch        : x86_64
Epoch       : 1
Version     : 1.0.1e
Release     : 60.el7_3.1

Then if you want to update it, simply run:

sudo yum update openssl

And if you check it again, it will show updated version:

openssl version
OpenSSL 1.0.2k-fips  26 Jan 2017

So this should include all security fixes and you're good to go.

But if you still want to install newer openssl alongside with the current one, below I will show how.