Used primarily as a precursor in the synthesis of other iridium compounds and catalysts. It plays a key role in research and industrial applications involving oxidation reactions due to its strong oxidizing properties. Commonly employed in the development of electrochemical sensors and in the preparation of iridium-based nanomaterials for catalysis. Also utilized in specialized coating applications where high stability and corrosion resistance are required. Its reactivity makes it valuable in the study of coordination chemistry and in the formulation of catalysts for organic transformations.