Used primarily as a building block in asymmetric synthesis, this compound serves as a core structure for chiral ligands and catalysts. Its rigid, twisted framework enables effective stereocontrol in enantioselective reactions, making it valuable in pharmaceutical and fine chemical manufacturing. Derivatives are commonly employed in transition-metal catalysis, including hydrogenation and coupling reactions. Additionally, it finds use in materials science for designing chiral sensors and organic electronic components due to its extended π-conjugation and optical properties.