Used as a precursor in palladium-based catalysis for organic synthesis, especially in cross-coupling reactions such as Suzuki and Heck reactions. Commonly employed in the preparation of homogeneous catalysts for fine chemical and pharmaceutical manufacturing. Applied in electroless plating to deposit thin palladium films on surfaces for electronics and printed circuit boards. Also utilized in research laboratories for synthesizing other palladium complexes and nanomaterials due to its solubility and stability in aqueous solution.