Used primarily as a chelating agent in coordination chemistry, it forms stable complexes with metal ions, particularly in the synthesis of catalysts for organic reactions. It is also employed in the development of luminescent materials due to its ability to enhance photophysical properties. In analytical chemistry, it serves as a reagent for the detection and quantification of specific metal ions. Additionally, it finds application in biochemical studies, where it is used to probe enzyme mechanisms and metal ion interactions in biological systems.