This chemical is primarily used in the field of catalysis, particularly in processes that require precise control over reaction pathways. It serves as a precursor in the synthesis of other platinum-based compounds, which are essential in various catalytic applications, including hydrogenation and oxidation reactions. Additionally, it plays a role in the development of advanced materials, such as conductive films and coatings, which are utilized in electronic devices and sensors. Its unique properties also make it valuable in research for studying coordination chemistry and the behavior of complex metal compounds.