This compound is primarily utilized in biochemical research as a fluorescent probe due to its ability to emit strong fluorescence under specific conditions. It is often employed in the study of enzymatic activities, particularly in assays that detect the presence or activity of enzymes like esterases or phosphatases. The compound's fluorescence properties make it useful for tracking and visualizing biological processes in real-time, aiding in the understanding of cellular mechanisms. Additionally, it is applied in the development of biosensors, where it helps in detecting specific biomolecules or environmental changes. Its role in fluorescence microscopy also supports advanced imaging techniques, enabling researchers to observe intricate details within cells and tissues.