This compound is primarily utilized in the field of coordination chemistry, where it serves as a ligand in the formation of metal complexes. Its structure allows it to chelate metal ions effectively, making it valuable in catalysis and material synthesis. Additionally, it finds application in the development of luminescent materials due to its ability to enhance photophysical properties when bound to certain metals. In organic synthesis, it can act as a chiral auxiliary or catalyst in asymmetric reactions, contributing to the production of enantiomerically pure compounds. Its role in supramolecular chemistry is also notable, as it aids in the construction of complex molecular architectures.