This chemical is primarily used as an electron transfer agent in enzymatic assays, particularly in the detection of hydrogen peroxide. It is commonly employed in biochemical research and diagnostic applications, where it facilitates the colorimetric determination of enzyme activities. Its role is crucial in enhancing the sensitivity and accuracy of assays, making it valuable in medical diagnostics and research laboratories. Additionally, it finds use in the development of biosensors for detecting various analytes due to its stable and efficient electron transfer properties.