Primarily used in organic synthesis, this compound serves as a versatile building block for the creation of complex molecules. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it acts as a boronic acid derivative to form carbon-carbon bonds efficiently. This reaction is widely applied in the pharmaceutical industry for synthesizing active pharmaceutical ingredients (APIs) and intermediates. Additionally, it is utilized in the development of sensors and probes for detecting biological molecules, owing to its ability to interact with diols and other functional groups. Its hydrochloride form enhances stability and solubility, making it more practical for various chemical processes.