Widely used in asymmetric synthesis, this compound serves as a chiral scaffold for the development of enantioselective catalysts. Its rigid binaphthyl backbone provides a well-defined spatial arrangement, making it ideal for constructing chiral ligands such as BINOL derivatives. These ligands are critical in catalyzing asymmetric reactions including aldol condensations, Diels-Alder reactions, and enantioselective reductions. The hydroxyl group allows for functionalization, enabling fine-tuning of electronic and steric properties for specific catalytic applications. It is also employed in the preparation of chiral sensors and materials for optoelectronic devices due to its ability to induce helical structures and circularly polarized luminescence.