Used as an analytical reagent for selective detection and extraction of heavy metal ions such as mercury (Hg²⁺) and silver (Ag⁺) due to its strong chelating ability. Its structure allows it to form stable complexes with soft metals, making it useful in solvent extraction processes and in the development of ion-selective electrodes or sensors. Also investigated for potential use in removing toxic metals from contaminated water sources. Shows moderate biological activity in some studies, suggesting possible applications in agrochemicals or as a precursor in synthesizing bioactive compounds.