This chemical is primarily utilized in the field of organic synthesis, where it serves as a key intermediate for the development of more complex organic compounds. Its structure, featuring both hydrazone and hydrazide functional groups, makes it particularly useful in the synthesis of heterocyclic compounds, which are often found in pharmaceuticals and agrochemicals. Additionally, it can be employed in the preparation of dyes and pigments due to its ability to form stable colored complexes. In research settings, it is also explored for its potential in creating novel materials with specific optical or electronic properties.