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This video tutorial demonstrates the process of creating a block and allocating rooms on the room and rate grid in Opera Cloud. The first step is to create a new Block in Opera Cloud by selecting blocks in bookings, then manage block, and clicking create block. Next, link a company by searching for and selecting a Company account. Once a company account is selected, update the default block name and complete the required fields. Select the market, source, and reservation type from their respective lists.