Widely used in organic synthesis and medicinal chemistry, this compound serves as a key intermediate in the development of fluorescent dyes and probes. Its structure supports the design of sensors for metal ions and biomolecules due to strong fluorescence properties. It is also employed in the study of enzyme activity, particularly in assays involving esterases and amidases, where the release of a fluorescent signal indicates enzymatic action. In pharmaceutical research, it acts as a building block for compounds with potential anti-inflammatory, antimicrobial, and anticancer activities. Additionally, it finds use in material science for developing luminescent polymers and optical brighteners.