A paracord lanyard is ideal to hang a (small) pocket knife or flashlight from, provided it has been enhanced with a lanyard hole. You put the small loop of the lanyard through the opening and pull the lanyard through it. You use a paracord lanyard to quickly retrieve essential items in your backpack or coat pocket. In addition, it is the perfect accessory to make your gear unique.
Because the paracord is completely knotted together in a lanyard you will always have a compact but also a very long piece of paracord with you. With a paracord bead you can make your lanyard even more special.