Used in asymmetric synthesis as a chiral ligand in catalytic reactions, particularly in enantioselective transformations where high stereocontrol is required. Its hydroxyl and nitrile functional groups allow for coordination with metal centers, making it suitable for use in transition-metal catalyzed reactions such as asymmetric aldol, Michael additions, or hydrogenation. The rigid binaphthyl backbone enhances stereoselectivity due to its well-defined chiral environment. Also employed in the development of chiral sensors and optoelectronic materials owing to its stable configuration and functional versatility.