This compound is primarily utilized as a chiral catalyst or ligand in asymmetric synthesis, particularly in enantioselective reactions. Its unique structure allows it to effectively induce chirality in the formation of complex organic molecules, making it valuable in the pharmaceutical industry for synthesizing enantiomerically pure drugs. Additionally, it is employed in the development of advanced materials and fine chemicals where precise stereochemical control is required. Its ability to form stable complexes with metal ions also makes it useful in coordination chemistry and catalysis research.