This compound is primarily utilized in the field of asymmetric synthesis, where it serves as a chiral ligand or catalyst. Its unique structure, derived from binaphthyl, allows it to induce chirality in various organic reactions, making it valuable for producing enantiomerically pure compounds. It is often employed in transition metal-catalyzed reactions, such as asymmetric hydrogenation or carbon-carbon bond-forming reactions, which are critical in the synthesis of pharmaceuticals and fine chemicals. Additionally, its application extends to the development of chiral sensors or materials, where its ability to differentiate between enantiomers is leveraged for analytical purposes.