Used as a chelating agent in coordination chemistry, particularly for transition metals such as ruthenium, iron, and copper, forming stable complexes for catalytic applications. Employed in the development of sensors due to its ability to bind metal ions and exhibit optical or electrochemical responses. Serves as a building block in synthesizing functional materials for photovoltaic devices and molecular electronics. Also applied in the design of redox-active compounds for use in energy storage and conversion systems.