This chemical is primarily utilized in advanced material science and organic synthesis due to its unique coordination properties. It serves as a key component in the development of fluorescent dyes and sensors, particularly for detecting specific ions or molecules in biological and environmental samples. Its structure allows it to act as a ligand in metal-organic frameworks (MOFs), enhancing their stability and functionality for applications like gas storage, separation, and catalysis. Additionally, it is employed in the synthesis of complex organic compounds, where its boron center facilitates precise chemical transformations. Its role in photodynamic therapy is also explored, leveraging its ability to generate reactive oxygen species under light exposure for targeted cancer treatment.