This compound is primarily utilized in the field of coordination chemistry, where it serves as a versatile ligand for complexing metal ions. Its structure, containing multiple nitrogen and oxygen donor atoms, makes it highly effective in forming stable complexes with transition metals, particularly lanthanides and actinides. These complexes are often employed in medical imaging, particularly in magnetic resonance imaging (MRI), as contrast agents to enhance the visibility of internal body structures. Additionally, the compound finds application in radiopharmaceuticals, where it is used to chelate radioactive isotopes for diagnostic and therapeutic purposes in nuclear medicine. Its ability to tightly bind metal ions also makes it useful in environmental chemistry for the removal of heavy metals from wastewater or contaminated sites.