The OLC is supposed to become a kind of global address system. It is especially interesting for regions with obsolete or nonexistent on-the-ground addresses.
I wrote a simple Open Location Code generator & search on the OSM map: http://ausleuchtung.ch/olc/.
To generate an OLC code just click on the map at a certain location. The search box or an URL link are to be used to find a location for an OLC code. For example, here is the location of the Norfolk Island Central School stadium: http://ausleuchtung.ch/olc/?c=5V29XX59+JHW
The Google map supports the OLC too via its search box.
One of the great advantages of an OLC address is that it can point to an exact location of an apartment or an office in a large building, what potentially can save a lot of time and fuel, for example, for a delivery service vehicle, and by this reduce the CO2 emission.
This Wikipedia article about the Open Location Code provides detailed information on how the open source OLC system was created and how it works.