This chemical is primarily utilized as a chiral ligand in asymmetric synthesis, playing a critical role in enantioselective reactions. It is often employed in catalytic processes such as hydrogenation, oxidation, and carbon-carbon bond formation, where it helps to induce high enantiomeric excess in the products. Its structure, featuring binaphthyl and nitro groups, provides excellent steric and electronic properties, making it effective in controlling the stereochemistry of reactions. Additionally, it finds application in the development of chiral catalysts and materials for organic electronics due to its rigid and planar framework, which can influence molecular organization and charge transport properties.