This compound is primarily utilized in asymmetric synthesis as a chiral ligand or catalyst. It plays a significant role in enantioselective reactions, particularly in the formation of chiral molecules, which are crucial in the pharmaceutical industry for producing drugs with high stereochemical purity. Its structure allows it to effectively induce asymmetry in reactions like hydrogenation, oxidation, and carbon-carbon bond formation. Additionally, it is employed in the development of advanced materials and sensors, where its chiral properties enhance selectivity and performance.