Used as a chiral building block in asymmetric synthesis, particularly in the preparation of catalysts and ligands for enantioselective reactions. Its rigid binaphthyl backbone and functional groups allow for strong coordination with metals, making it valuable in designing organocatalysts and sensors. Also employed in the development of fluorescent probes due to its structural rigidity and ability to undergo derivatization. Shows potential in supramolecular chemistry for constructing molecular recognition systems.