This compound is widely utilized as a complexing agent in various chemical and industrial processes. Its unique structure allows it to selectively bind with metal ions, making it valuable in applications such as metal ion extraction and separation. It is particularly effective in stabilizing metal ions in solution, which is beneficial in catalysis and material synthesis. Additionally, it finds use in analytical chemistry for the detection and quantification of specific metal ions due to its high affinity and selectivity. Its ability to form stable complexes also makes it useful in pharmaceutical research, where it can be employed to modify the properties of metal-based drugs or to enhance their delivery.