Used as a catalyst in organic synthesis, particularly in reactions involving alkylation and acylation. Effective in promoting carbon-carbon and carbon-heteroatom bond formations. Commonly employed in Friedel-Crafts reactions and glycosylation processes due to its strong Lewis acidity. Also utilized in electrochemical applications and as a reagent in the preparation of trifluoromethanesulfonyl derivatives. Shows activity in photochemical reactions and can serve as a silver ion source in precipitation reactions.