This compound is primarily utilized in asymmetric synthesis, particularly as a chiral ligand or catalyst in organic reactions. Its unique structure enables the induction of chirality, making it valuable in the production of enantiomerically pure compounds, which are crucial in pharmaceuticals and fine chemicals. It is often employed in asymmetric hydrogenation, epoxidation, and other stereoselective transformations, enhancing the efficiency and selectivity of these processes. Additionally, it finds application in the development of novel catalytic systems for academic research and industrial processes, contributing to advancements in synthetic chemistry.