Used as a catalyst in organic synthesis, particularly in reactions like the preparation of Grignard reagents where iodide ions help initiate the reaction by activating magnesium metal. Employed in the pharmaceutical industry as a reagent in the production of certain drugs due to its ability to participate in iodination reactions. Serves as a source of iodide ions in chemical synthesis where controlled release of iodine is required. Applied in research laboratories for the study of magnesium-based compounds and their reactivity. Also utilized in some types of battery systems and solid-state devices as a component in electrolytes due to its ionic conductivity.