This chemical is widely used in catalysis, particularly in transition metal-catalyzed reactions. It serves as a ligand in aqueous-phase reactions, enabling efficient processes like hydrogenation, hydroformylation, and carbonylation. Its water solubility makes it ideal for environmentally friendly and sustainable chemistry applications. Additionally, it is utilized in the synthesis of fine chemicals and pharmaceuticals, where its stability and compatibility with water-based systems are advantageous. The compound is also employed in nanotechnology for the preparation of metal nanoparticles, where it acts as a stabilizing agent. Its role in enhancing reaction efficiency and selectivity makes it valuable in both industrial and research settings.