This compound is primarily utilized in biochemical and biophysical research as a model phospholipid to study membrane dynamics and lipid-protein interactions. It serves as a key component in the preparation of liposomes, which are used for drug delivery systems due to their ability to encapsulate and transport therapeutic agents. Additionally, it is employed in the investigation of enzyme kinetics, particularly those involving phospholipases, to understand lipid metabolism and signaling pathways. Its amphiphilic nature makes it suitable for mimicking cell membranes in vitro, aiding in the study of cellular processes and membrane-associated phenomena.