Primarily used in electrochemical applications, this compound serves as a redox mediator due to its stable and reversible electron transfer properties. It is often employed in biosensors and biofuel cells to enhance signal detection and improve efficiency. Additionally, it finds use in organic synthesis as a catalyst or intermediate in various chemical reactions, particularly in the production of polymers and specialty chemicals. Its unique structure also makes it valuable in material science for creating conductive films and coatings. In research, it is utilized as a model compound to study electron transfer processes and ferrocene derivatives.