Used as an analytical reagent in enzyme inhibition studies, particularly for monitoring esterase and protease activity. Its ability to act as a chromogenic substrate makes it valuable in biochemical assays where color development indicates enzyme activity. The compound undergoes hydrolysis to release 4-nitrophenol, which is easily detected spectrophotometrically at alkaline pH, allowing for real-time tracking of enzymatic reactions. Commonly applied in research settings for screening inhibitors or activators of serine hydrolases. Also utilized in the development of biosensors and diagnostic kits due to its reliable and measurable signal output.