This compound is primarily utilized in the field of coordination chemistry and materials science. It serves as a precursor for the synthesis of various cobalt-based complexes, which are studied for their unique electronic and magnetic properties. Researchers often employ it to investigate ligand exchange reactions and to develop models for understanding metal-ligand interactions. Additionally, it finds application in catalysis, particularly in processes involving oxidation or reduction reactions, due to the redox-active nature of cobalt. Its stability and well-defined structure make it a valuable tool in academic and industrial research for exploring advanced materials and catalytic systems.