This chemical is primarily used as a ligand in coordination chemistry and catalysis. It plays a significant role in transition metal-catalyzed reactions, particularly in asymmetric synthesis, where it helps in creating chiral environments to produce enantiomerically pure compounds. Its application is notable in cross-coupling reactions, such as Suzuki-Miyaura and Heck reactions, which are essential in pharmaceutical and fine chemical industries. Additionally, it is utilized in the development of organometallic complexes for studying reaction mechanisms and designing new catalytic processes. Its stability and ability to form strong bonds with metals make it a valuable component in advanced chemical research and industrial applications.