Used primarily in biochemical research as a substrate for enzyme assays, particularly for studying the activity of proteolytic enzymes like proteases. It helps in understanding enzyme kinetics and mechanisms by providing a measurable colorimetric change upon cleavage. This compound is valuable in pharmaceutical development for screening potential enzyme inhibitors, aiding in the design of drugs targeting specific proteases. Additionally, it is employed in diagnostic laboratories to detect and quantify protease activity in biological samples, contributing to disease research and biomarker identification.