Used as a catalyst in organic synthesis, particularly in reactions such as the Nozaki-Hiyama-Kishi (NHK) reaction for forming carbon-carbon bonds between aldehydes and allyl or vinyl halides. Commonly applied in pharmaceutical manufacturing, natural product synthesis, and fine chemical production due to its efficiency in promoting stereoselective transformations under mild conditions. Also utilized in electrochemical processes for chromium plating and metal deposition, as well as in materials science for surface modification and corrosion protection. The aqueous solution form, stable with potassium ions, makes it suitable for homogeneous catalysis and analytical applications in industrial and research settings.