This compound is primarily utilized in the development of pharmaceuticals, particularly in the synthesis of boron-containing drugs. Its unique structure makes it valuable in medicinal chemistry, where it serves as a key intermediate for creating agents with potential antibacterial, antifungal, and anti-inflammatory properties. Additionally, it is explored in the field of organic synthesis for constructing complex molecules, especially in the design of enzyme inhibitors. Its boron-oxygen framework also lends itself to applications in materials science, where it can be used to develop novel polymers or coatings with specific chemical properties.