Used in the synthesis of fluorescent dyes and sensors due to its ability to chelate metal ions and emit strong luminescence upon excitation. Its structure supports intramolecular charge transfer, making it valuable in developing optical probes for detecting cations like aluminum, zinc, and iron in environmental and biological systems. Also investigated as a building block in pharmaceutical intermediates, particularly in compounds targeting enzyme inhibition and antimicrobial activity. Its derivatives show potential in medicinal chemistry for designing new bioactive molecules.