Used primarily in electrochromic devices, this compound facilitates color changes when an electrical charge is applied, making it valuable in smart windows and energy-efficient displays. It also serves as a redox mediator in electrochemical sensors, enhancing their sensitivity and accuracy. Additionally, it is employed in photodynamic therapy for its ability to generate reactive oxygen species under light exposure, aiding in targeted cancer treatment. Its applications extend to molecular electronics, where it contributes to the development of advanced electronic components.