Used as a key intermediate in the synthesis of pharmaceuticals and bioactive compounds, particularly in the development of antimalarial and antimicrobial agents. Its structure supports chelation with metal ions, making it useful in analytical chemistry for metal detection and extraction. Also employed in the design of fluorescent probes due to its favorable photophysical properties, enabling applications in cellular imaging and sensor technologies. Additionally, it serves as a building block in the preparation of ligands for catalytic processes in organic synthesis.