This chemical is primarily utilized as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions. It plays a significant role in facilitating enantioselective transformations, which are crucial for producing chiral molecules in pharmaceuticals and fine chemicals. Its rigid binaphthalene structure provides a stable framework for inducing chirality in metal-catalyzed reactions, such as hydrogenation, oxidation, and carbon-carbon bond formation. Additionally, it is employed in the development of chiral catalysts and materials for applications in organic electronics and optoelectronics. Its unique properties make it valuable in research and industrial processes aimed at achieving high enantiomeric purity in synthetic compounds.