This compound is widely used as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where enantioselectivity is crucial. It plays a significant role in the development of pharmaceuticals, enabling the production of single-enantiomer drugs with higher efficacy and fewer side effects. Additionally, it is employed in the synthesis of advanced materials, such as liquid crystals and organic semiconductors, due to its rigid and planar structure. Its ability to form stable complexes with transition metals makes it valuable in catalysis for organic transformations, including hydrogenation and carbon-carbon bond formation.