Used as a catalyst in organic synthesis, particularly in oxidation and reduction reactions involving transition metals. It serves as a model compound in coordination chemistry for studying the structure and properties of metal complexes due to its high stability and water solubility. In electroplating processes, it stabilizes metal ions in solution to ensure uniform deposition. It is applied in analytical chemistry as a reagent for detecting or quantifying certain anions and as a standard for cobalt determination. In environmental chemistry, it aids in wastewater treatment by chelating heavy metals for recovery or deactivation. Additionally, it is used in specialized redox buffer systems leveraging the stable cobalt center and in catalytic systems requiring control of metal ion environments.