Used as a potent inhibitor of protein tyrosine phosphatases in biochemical research, helping to study phosphorylation pathways in cell signaling. Commonly added to lysis buffers to preserve phosphorylated proteins during protein extraction. Also applied in studies involving insulin signaling, cancer research, and cellular metabolism due to its ability to mimic insulin effects and modulate enzyme activity. Shows potential in corrosion inhibition and material science applications when incorporated into protective coatings.