Ultracold atoms have a variety of applications owing to their unique quantum properties and the great experimental control available in such systems. For instance, ultracold atoms have been proposed as a platform for quantum computation and quantum simulation, accompanied by very active experimental research to achieve these goals.
Quantum simulation is of great interest in the context of condensed matter physics, where it may provide valuable insights into the properties of interacting quantum systems. The ultracold atoms are used to implement an analogue of the condensed matter system of interest, which can then be explored using the tools available in the particular implementation. Since these tools may differ greatly from those available in the actual condensed matter system, one can thus experimentally probe otherwise inaccessible quantities. Furthermore, ultracold atoms may even allow to create exotic states of matter, which cannot otherwise be observed in nature.
All atoms are identical, making ensembles of atoms ideal for universal timekeeping. In 1967, the SI definition of the second was changed to reference a hyperfine transition frequency in Cesium atoms. Atomic clocks based on alkaline earth atoms or alkaline earth like ions (such as Al) have now been developed making use of narrow-line optical transitions. To achieve high numbers of non-interacting atoms, which assists in the precision of these clocks, neutral atoms can be trapped in optical lattices. On the other hand, ion traps permit long interrogation times. 
Ultracold atoms are also used in experiments for precision measurements enabled by the low thermal noise and, in some cases, by exploiting quantum mechanics to exceed the standard quantum limit. In addition to potential technical applications, such precision measurements may serve as tests of our current understanding of physics.