Used as an analytical reagent for the detection and determination of certain metal ions, particularly in spectrophotometric analysis. It forms stable, colored complexes with metals such as copper, nickel, and cobalt, enabling selective measurement in environmental and industrial samples. Also investigated for use in organic synthesis as a precursor in heterocyclic compound formation due to its reactive pyrazolidine core. Its derivatives show potential in pharmaceutical research for anti-inflammatory and antimicrobial activity, though the compound itself is primarily utilized in laboratory settings rather than commercial or therapeutic applications.