This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It has been studied for its antioxidant properties, which make it a candidate for developing therapeutic agents aimed at reducing oxidative stress in various diseases. Additionally, its structure suggests potential antimicrobial activity, making it a subject of research for new antibiotics or antifungal agents. The compound is also explored in material science for its chelating properties, which can be useful in the synthesis of metal complexes for catalytic applications or as part of sensor materials. Its ability to form stable complexes with metals is leveraged in analytical chemistry for the detection and quantification of metal ions in environmental samples.