Used as a catalyst in organic synthesis, particularly in oxidation reactions and polymerization processes. Serves as a source of cobalt ions in electroplating baths to produce wear-resistant and magnetic coatings. Employed in the preparation of other cobalt-based compounds and materials for battery research and chemical sensors. Due to its hygroscopic nature and ability to change color based on moisture levels, it is utilized as a reagent for moisture analysis and in certain humidity indicators. Also used in laboratory settings for the study of coordination chemistry owing to its strong oxidizing properties and complex-forming ability. Handle with care due to its corrosive nature and potential explosiveness when in contact with flammable materials.