Used as a key ligand in coordination chemistry, particularly in the synthesis of transition metal complexes for catalytic applications. Its structure allows strong chelation with metals like ruthenium, iron, and copper, making it valuable in designing catalysts for oxidation reactions and artificial photosynthetic systems. Also employed in the development of luminescent materials and sensors due to its ability to enhance photophysical properties when bound to metal centers. Additionally, derivatives are explored in medicinal chemistry for potential anticancer and antimicrobial activity.