This chemical is primarily utilized in the field of coordination chemistry, where it acts as a versatile ligand for forming metal complexes. Its ability to chelate metal ions makes it valuable in catalysis, particularly in processes like hydrogenation and oxidation reactions. Additionally, it is employed in the development of luminescent materials, as its structure can enhance the photophysical properties of metal complexes. In material science, it is used to create advanced polymers and frameworks with potential applications in gas storage, separation technologies, and sensors. Its unique structure also makes it a candidate for designing molecular devices and systems in nanotechnology.