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OLC (Open Location Codes) (aka Plus Codes) are a way of encoding location into a form that is easier to use than providing coordinates in the usual form of latitude and longitude. They are designed to be used like street addresses, and may be especially useful in places where there is no formal system to identify buildings, such a street names, number, and post codes.^[4]
Since August 2015, Google Maps supports plus codes in the address box.
The Open Location Code website provides an overview. The document “An Evaluation of Location Encoding Systems” provides a rationale.