This compound is widely used as a catalyst in organic synthesis, particularly in reactions involving the activation of small molecules. Its strong Lewis acid properties make it effective in facilitating transformations such as cyclopropanation, where it helps in forming three-membered carbon rings. Additionally, it is employed in the polymerization of certain monomers, aiding in the creation of polymers with specific properties. The compound is also utilized in electrochemical applications, where it serves as an electrolyte component in batteries or other energy storage devices. Its ability to stabilize intermediates in various chemical reactions makes it a valuable tool in research and industrial processes.