Used as a chelating agent in coordination chemistry, it forms stable complexes with metal ions, which are essential in catalytic processes and material synthesis. It is also employed in the development of luminescent materials and sensors due to its ability to enhance photophysical properties. In organic synthesis, it serves as a building block for constructing more complex molecules, particularly in the preparation of ligands for asymmetric catalysis. Additionally, it finds application in electrochemical studies, where it aids in the investigation of electron transfer processes and redox reactions. Its derivatives are utilized in medicinal chemistry for designing compounds with potential biological activities.