The format is designed for Kodak cameras to store uncompressed RAW images in their original form without auto color and white balance correction. The file has a TIFF-structure that allows you to edit the color temperature and exposure of the finished image without losing information and quality, which is something that cannot be done with JPEG format images.
This format is used as the color palette format for a variety of operating system image editors. It is used to store font templates in text and graphic editors. It allows you to change color intensity and transparency levels.