This chemical is primarily utilized in the field of coordination chemistry, where it serves as a versatile ligand due to its ability to form stable complexes with various metal ions. Its application is significant in the development of luminescent materials, as it can enhance the photophysical properties of metal complexes, making them suitable for use in organic light-emitting diodes (OLEDs) and other optoelectronic devices. Additionally, it is employed in the synthesis of supramolecular structures, where its binding capabilities are exploited to create intricate molecular assemblies. In medicinal chemistry, derivatives of this compound are explored for their potential as bioactive molecules, particularly in the design of enzyme inhibitors and metal-based therapeutic agents. Its role in catalysis is also noteworthy, as it can facilitate various chemical reactions by stabilizing transition states and intermediates.