It identifies the point which is equidistant from the three vertices of the triangle. If, for example, you wanted to locate a phone mast to supply three remote locations, a good starting point would be to find somewhere which is at or very close to the circumcentre. Of course, local geography (hills, for example) would have to be taken into account.
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circumcenter
110 degrees
The Perpendicular bisector concurrency conjecture is the circumcenter
Circumcenter
The centroid, circumcenter and orthocenter are the 3 points of concurrency that always lie on a line.