Used as an intermediate in the synthesis of dyes and pigments, particularly in the production of triarylmethane dyes. It serves as a building block for photochromic and thermochromic compounds due to its ability to undergo reversible structural changes under light or heat. Also employed in the development of organic semiconductors and electroactive materials for optoelectronic devices. Its amine and hydroxyl functional groups allow for derivatization in pharmaceutical research, especially in the design of bioactive molecules with enhanced solubility and binding properties.