Used as a chelating agent in coordination chemistry, it forms stable complexes with metal ions, particularly useful in analytical chemistry for metal ion detection and quantification. It serves as a key reagent in spectrophotometric methods to determine trace amounts of metals like iron and copper. Additionally, it is employed in organic synthesis as a building block for creating more complex molecules, including ligands for catalysis. Its redox-active properties make it valuable in electrochemical studies and as a mediator in bioelectrochemical systems.