This compound is primarily utilized in the field of asymmetric synthesis, where it serves as a chiral auxiliary or building block for the production of enantiomerically pure substances. Its application is crucial in the pharmaceutical industry, particularly in the synthesis of chiral drugs, where the specific spatial arrangement of atoms can significantly influence the drug's efficacy and safety. Additionally, it is used in the development of advanced materials, such as liquid crystals, which require precise molecular configurations to achieve desired optical properties. The compound's ability to induce chirality makes it valuable in catalysis, especially in reactions where achieving a high degree of enantioselectivity is essential.