Used primarily as a chelating agent in coordination chemistry, it forms stable complexes with metal ions, aiding in the study of metal-ligand interactions. It is also employed in analytical chemistry for the detection and quantification of metal ions due to its distinct color change upon complexation. In materials science, it serves as a precursor for the synthesis of organic semiconductors and conductive polymers. Additionally, it finds use in biochemical research as a redox-active compound for studying electron transfer processes in biological systems. Its applications extend to catalysis, where it acts as a ligand in various catalytic reactions, enhancing efficiency and selectivity.