This chemical is primarily utilized in asymmetric synthesis and catalysis, where it serves as a chiral ligand or catalyst in various organic reactions. Its binaphthyl structure and iodine substituents make it effective in promoting enantioselective transformations, such as the synthesis of chiral alcohols, amines, and other optically active compounds. It is particularly valuable in pharmaceutical research for creating enantiomerically pure drugs. Additionally, it finds use in material science for developing chiral polymers and frameworks with specific optical properties. Its stability and unique steric properties make it a versatile tool in advanced chemical synthesis.