Used in the synthesis of platinum-based catalysts for industrial chemical reactions, particularly in hydrogenation and oxidation processes. Employed in research settings for the preparation of thin films and platinum nanoparticles due to its thermal decomposition properties. Also utilized in electroplating baths to deposit uniform platinum coatings on metals, enhancing corrosion resistance and electrical conductivity. Shows potential in medicinal chemistry as a precursor for novel platinum-containing antitumor agents, though primarily limited to laboratory-scale studies.