Used as a key intermediate in the synthesis of fluorogenic and chromogenic sensors for metal ion detection, particularly for aluminum and zinc. Its structure allows for selective binding and signal transduction in chemosensors. Also employed in the development of bioimaging agents due to its favorable photophysical properties and ability to cross cell membranes. Additionally, it serves as a building block in medicinal chemistry for designing heterocyclic compounds with potential antimicrobial or anticancer activity.