This compound is primarily utilized in the field of organic synthesis, particularly as a ligand in catalytic processes. Its unique structure makes it effective in asymmetric catalysis, where it helps in the formation of chiral molecules, which are crucial in the production of pharmaceuticals and fine chemicals. The compound's ability to coordinate with transition metals enhances the efficiency and selectivity of various chemical reactions, including hydrogenation and cross-coupling reactions. Additionally, its application in the synthesis of complex organic molecules contributes to advancements in drug development and material science.