This compound is primarily utilized in advanced organic synthesis, particularly in the development of chiral catalysts. Its unique structure allows it to facilitate asymmetric reactions, which are crucial in producing enantiomerically pure pharmaceuticals. The compound's ability to act as a chiral ligand enhances the efficiency and selectivity of catalytic processes, making it valuable in the synthesis of complex organic molecules. Additionally, it is explored in materials science for the creation of specialized polymers with specific optical or electronic properties. Its application in these fields underscores its importance in modern chemical research and industrial processes.