This compound is primarily utilized in asymmetric synthesis and catalysis, particularly in the development of chiral ligands for transition metal catalysts. Its unique structure allows it to effectively induce chirality in various chemical reactions, making it valuable in the production of enantiomerically pure pharmaceuticals and fine chemicals. Additionally, it finds applications in organic photovoltaics and optoelectronic materials due to its extended conjugated system, which enhances light absorption and charge transport properties. Its stability and rigid framework also make it suitable for use in molecular recognition and sensing applications.