This compound is primarily utilized in the field of asymmetric synthesis, where it serves as a chiral ligand in catalytic reactions. Its unique structure allows it to effectively induce chirality in the products of various organic transformations, such as hydrogenation, hydroformylation, and carbon-carbon bond-forming reactions. The compound's ability to form stable complexes with transition metals enhances the efficiency and selectivity of these catalytic processes. Additionally, it is employed in the development of pharmaceuticals, where the stereochemistry of the drug molecules is crucial for their biological activity. Its application in material science is also notable, particularly in the synthesis of chiral polymers and advanced materials with specific optical properties.