Used as a chiral derivatizing agent in asymmetric synthesis, particularly in the preparation of enantiomerically pure phosphorus-containing compounds. Its rigid cyclic structure and stereogenic center make it valuable in catalysis and as an intermediate in the development of chiral ligands for transition metal-catalyzed reactions. Commonly applied in pharmaceutical research for synthesizing optically active molecules, especially in the design of bioactive organophosphorus compounds with potential therapeutic activity. Also employed in NMR spectroscopy to determine enantiomeric purity due to its ability to induce distinct chemical shifts for enantiomers.