Used as a precursor in the synthesis of pharmaceuticals and functional materials, particularly in the development of ionic liquids and catalysts. Its unique bicyclic structure and dual iodide counterions make it suitable for applications in organic synthesis where phase-transfer catalysis is required. It also serves as a building block in the preparation of nitrogen-rich ligands for metal coordination, enhancing catalytic activity in cross-coupling reactions. Additionally, it finds use in electrochemical systems due to its ionic nature and stability under various reaction conditions.