This chemical is primarily utilized in the synthesis of pharmaceutical compounds, particularly in the development of bioactive molecules. Its structure, featuring both azetidine and benzyl groups, makes it a valuable intermediate in the creation of drugs targeting neurological disorders, such as Alzheimer's disease and other cognitive impairments. Additionally, it is employed in the preparation of ligands for metal-catalyzed reactions, enhancing the efficiency of catalytic processes in organic synthesis. Its dual hydroxyl groups allow for further functionalization, making it versatile in the design of complex chemical entities for medicinal chemistry and material science applications.