Used in organic synthesis as a reagent for various chemical reactions, particularly in the formation of complex organic compounds. It serves as a building block in the production of pharmaceuticals, where it contributes to the synthesis of active drug molecules. Additionally, it is employed in the development of dyes and pigments due to its ability to form stable, colored compounds. In research, it is utilized as a model compound to study redox reactions and electron transfer processes, aiding in the understanding of biochemical pathways. Its properties also make it suitable for use in analytical chemistry as a standard or reference material.