This chemical is primarily utilized as a ligand in coordination chemistry, where it forms stable complexes with various metal ions. Its application is significant in catalysis, particularly in processes like cross-coupling reactions, where it enhances the efficiency and selectivity of the reaction. Additionally, it is employed in the synthesis of organic compounds, serving as a building block for more complex structures. In material science, it is used to develop advanced materials with specific electronic or optical properties. Its role in research extends to studying electron transfer processes and designing molecular devices.