This compound is primarily utilized in the field of asymmetric synthesis, where it serves as a chiral auxiliary or ligand. Its structure, featuring two hydroxy(diphenyl)methyl groups, makes it effective in inducing chirality in chemical reactions, particularly in the formation of enantiomerically pure products. It is often employed in catalytic processes, such as asymmetric hydrogenation and carbon-carbon bond-forming reactions, where high enantioselectivity is crucial. Additionally, its stability and steric properties make it suitable for use in organometallic chemistry, aiding in the development of novel catalysts for pharmaceutical and fine chemical synthesis.