This chemical is primarily utilized in the field of asymmetric synthesis, where it serves as a chiral building block or ligand in catalytic reactions. Its unique structure, featuring a binaphthalene backbone, makes it particularly effective in facilitating enantioselective transformations, which are crucial for producing optically active compounds in pharmaceuticals and fine chemicals. Additionally, it is often employed in the development of chiral catalysts for organic reactions, such as hydrogenation or carbon-carbon bond formation, enhancing the efficiency and selectivity of these processes. Its application extends to material science, where it can be used to design chiral materials with specific optical properties.