Primarily used as a chiral ligand in asymmetric synthesis, it facilitates the creation of enantiomerically pure compounds, crucial in pharmaceutical manufacturing. It also serves as a building block in the development of advanced materials, such as liquid crystals and organic semiconductors, due to its rigid and aromatic structure. In catalysis, it enhances the efficiency and selectivity of various chemical reactions, including hydrogenation and cross-coupling processes. Additionally, its derivatives are employed in fluorescence studies and as probes in biochemical research, leveraging their unique optical properties.