This compound is primarily utilized in the field of coordination chemistry, where it serves as a versatile ligand for the formation of metal complexes. Its structure allows it to bind effectively with various transition metals, making it valuable in the synthesis of catalysts for organic reactions. Additionally, it is employed in the development of luminescent materials, particularly in the design of light-emitting devices and sensors. Its ability to form stable complexes with metals also finds applications in supramolecular chemistry and the study of molecular recognition processes. In research, it is often used to investigate electron transfer processes and photophysical properties in coordination compounds.