Used as a key intermediate in the synthesis of boron-containing pharmaceuticals, particularly in the development of proteasome inhibitors for cancer treatment. Its boronic acid functional group enables selective binding to enzyme active sites, enhancing drug efficacy. Also employed in Suzuki-Miyaura cross-coupling reactions as a building block for biaryl compounds in medicinal chemistry. Additionally, finds use in the preparation of sensors and functional materials due to its ability to form reversible ester bonds with diols.