Primarily used in catalysis, it facilitates various organic transformations, including hydrogenation and oxidation reactions. It is also employed in electrochemistry for the preparation of electrodes and sensors due to its stable redox properties. In material science, it serves as a precursor for synthesizing iridium-based compounds and coatings, which are valuable in high-performance applications. Additionally, it finds use in analytical chemistry as a standard or reagent for precise measurements and calibrations. Its role in research extends to studying coordination chemistry and developing novel inorganic complexes.