Used as a key intermediate in the synthesis of triarylmethane dyes and pigments, providing vibrant color and stability. Acts as a building block in photochromic materials, useful in lenses that darken in sunlight. Employed in polymer chemistry to enhance cross-linking, improving thermal and mechanical properties. Also applied in analytical chemistry as a chromogenic reagent for detecting metal ions. Shows potential in developing pH-sensitive smart materials due to its multiple phenolic groups.