Ballistol is quite unique in its function. Originally formulated for use by the German military and to meet the following requirements.
Cleaning and lubricating weapons, including removal copper and powder fouling in the barrel. It dissolves copper, so keep it away from your brass gibs
Dressing and preserving leather equipment, rifle slings, ammunition pouches and the like
Preserving wood on rifle stocks
And believe it or not, treating minor wounds and cuts. It is antiseptic, but it stings when applied to a cut. No need to ask how I know. Combined with blue paper towel and gaffer tape, it makes a good emergency dressing for those workshop ouch moments.
The name is a contraction ballistic and oil, albeit in German
As mentioned in previous posts, it is not a water displacement oil like WD40. However it does emulsify nicely with water and makes a good wash down mix for all sorts of applications. I have used the emulsion to revive old faded paintwork on my garage door, it seems to plasticise tired paint coatings.
I have used this on my rifles for years before locking away in the gun cabinet and can attest to its ability lift copper fouling.