This compound is primarily utilized in asymmetric synthesis as a chiral ligand or catalyst. It plays a significant role in facilitating enantioselective reactions, particularly in the production of pharmaceuticals and fine chemicals where precise stereochemistry is crucial. Its structure allows it to effectively induce chirality in reactions such as hydrogenation, oxidation, and carbon-carbon bond formation. Additionally, it is employed in the development of advanced materials and in research focused on understanding chiral induction mechanisms. Its stability and selectivity make it a valuable tool in organic synthesis and industrial applications requiring high enantiomeric purity.