This compound is primarily utilized in the field of coordination chemistry due to its ability to form stable complexes with metal ions. Its structure, featuring multiple nitrogen and oxygen donor atoms, makes it an effective chelating agent. It is often employed in the development of contrast agents for magnetic resonance imaging (MRI), where it binds to gadolinium or other paramagnetic metals to enhance imaging clarity. Additionally, it finds applications in radiopharmaceuticals for diagnostic purposes, particularly in targeting specific tissues or organs. Its chelating properties are also explored in environmental chemistry for the removal or detection of heavy metal ions in various samples.