Could you formulate a block chain as a category?

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Relatively straight forward question I had after finishing a review of the ethereum yellow paper. How might one go about or is it even possible to formulate the general math behind a blockchain as a category with a set of objects (transactions, nonces, accounts), and a set of morphisms ( state change function, block validation function, etc).

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I'm sure a blockchain ecosystem can be represented as an open system using categories, but I don't know the details enough to tell you how.

I don't think it would capture math behind a blockchain though, if you mean the specific computational details. You would think that specific computational steps would vary by implementation. All that matters to the open system is its interface.

If you google around you'll find a few amazing textbooks, blog posts, and youtube lectures on Applied Category Theory that are really right in this vein. I'd recommend anything Baez or his advisees have worked on.