Used primarily as a chelating agent in analytical chemistry, it forms stable complexes with various metal ions, making it valuable for spectrophotometric determinations. It is particularly effective in the detection and quantification of iron, where it forms a distinct colored complex that can be measured accurately. Additionally, it serves as a reagent in the study of redox reactions and in the development of sensors for metal ion detection. Its ability to bind selectively to specific metals also finds applications in environmental monitoring, where it helps in assessing metal contamination in water and soil samples.