Used in organic synthesis as a building block for heterocyclic compounds, particularly in the preparation of thiazole and thiadiazole derivatives which have applications in pharmaceuticals and agrochemicals. Acts as a protecting group reagent for carbonyl compounds due to its ability to form stable thiazolidine derivatives with aldehydes and ketones. Employed in peptide chemistry to prevent oxidation of thiol groups and in the development of radiolabeling agents for medical imaging. Also utilized in the synthesis of certain antiviral and anticancer agents where the thiol functionality plays a key role in biological activity.