This compound is primarily utilized in the field of electrochemistry due to its unique redox properties. It serves as an effective mediator in biosensors, enhancing the detection of biomolecules by improving electron transfer efficiency. Additionally, it is employed in the development of modified electrodes, where it helps in the selective recognition and quantification of various analytes. Its application extends to the field of catalysis, where it acts as a catalyst in organic synthesis reactions, particularly in processes requiring controlled redox environments. Furthermore, it is explored in the fabrication of advanced materials, such as conductive polymers and nanostructured films, which are used in electronic devices and energy storage systems.