This compound is primarily utilized in the field of organic synthesis as a chiral building block. It serves as a key intermediate in the production of enantiomerically pure pharmaceuticals, particularly in the development of drugs that require specific stereochemistry for optimal efficacy. Its naphthalene moiety makes it useful in the synthesis of compounds with aromatic systems, often employed in the creation of ligands for asymmetric catalysis. Additionally, it finds application in the preparation of optically active amines, which are crucial in the synthesis of active pharmaceutical ingredients (APIs) for treating various diseases. It is also widely used as a chiral resolving agent for separating racemic mixtures, especially carboxylic acids, to isolate enantiomerically pure compounds. Its hydrochloride form enhances solubility, making it more convenient for use in aqueous reaction conditions.