This compound is primarily used in organic synthesis as a reagent for introducing the benzyl group into various molecules. It is particularly effective in reactions where selective benzylation is required, such as in the modification of nucleosides, nucleotides, and other heterocyclic compounds. Additionally, it finds application in the preparation of pharmaceutical intermediates, where the benzyl group acts as a protecting group for functional groups like alcohols, amines, and carboxylic acids. Its use is also observed in the development of ionic liquids and as a catalyst or co-catalyst in certain chemical transformations.