This chemical is primarily used in the field of organic electronics and materials science. It serves as a key component in the development of organic light-emitting diodes (OLEDs) due to its unique electronic properties, which enhance the efficiency and stability of these devices. Additionally, it is utilized in the synthesis of advanced organic semiconductors, contributing to improved performance in transistors and solar cells. Its boron-containing structure also makes it valuable in the creation of fluorescent dyes and sensors, particularly for detecting specific analytes in biological and environmental samples. Researchers further explore its potential in photodynamic therapy, where it can act as a photosensitizer to target and destroy cancer cells under light irradiation.