Used as a chiral derivatizing agent in the analysis of enantiomeric purity, particularly in boron-containing compounds. Facilitates the separation of enantiomers in chromatographic techniques due to its ability to form stable complexes with chiral diols and hydroxy acids. Also employed in asymmetric synthesis as a ligand or auxiliary to control stereochemistry in organic reactions. Shows utility in sensor development for selective recognition of saccharides and other polyhydroxy compounds.