This chemical is primarily used in the field of electrochemistry due to its redox-active properties. It serves as a key component in the development of electrochromic devices, which are utilized in smart windows, mirrors, and displays. Its ability to undergo reversible color changes upon electrochemical stimulation makes it valuable for applications requiring adjustable transparency or reflectivity. Additionally, it is employed in research focused on molecular electronics and energy storage systems, such as supercapacitors, owing to its efficient electron transfer capabilities. Its stability and responsiveness to electrical stimuli also make it a candidate for advanced sensing technologies.