Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of drugs targeting neurological disorders, as it aids in the creation of molecules that interact with specific receptors in the brain. Additionally, it is utilized in peptide synthesis, where it acts as a protecting group for amines, ensuring selective reactions during complex molecular constructions. Its stability and solubility make it a preferred choice in laboratory settings for researchers working on bioactive compounds and drug discovery projects.