Used as a redox indicator in analytical chemistry, particularly in titrations involving thiol and disulfide compounds. It undergoes a reversible color change upon reduction, shifting from yellow to colorless, which helps detect the endpoint in redox reactions. Also employed in biochemical assays to monitor thiol group concentrations in proteins and enzymes. Its sensitivity to reducing environments makes it useful in studying oxidative stress in biological systems. Additionally, it serves as a building block in the synthesis of functional dyes and photoresponsive materials.