This compound is primarily utilized in the field of organic synthesis, particularly as a catalyst or reagent in asymmetric reactions. Its unique structure allows it to facilitate the formation of chiral centers, making it valuable in the production of enantiomerically pure compounds, which are crucial in pharmaceuticals and fine chemicals. Additionally, it is employed in the development of advanced materials, where its stability and reactivity under specific conditions are advantageous. Researchers also explore its potential in photochemical applications due to its ability to participate in light-induced reactions.