Used in medical diagnostics and boron neutron capture therapy (BNCT), this compound serves as a boron delivery agent due to its ability to accumulate in tumor tissues. Its structure allows for effective targeting and retention in cancer cells, making it valuable in selective radiation treatment. Additionally, it acts as an intermediate in synthesizing boron-containing pharmaceuticals and sensors for detecting biological molecules like sugars and nucleotides. Its diol-binding properties also support applications in responsive hydrogels and drug release systems.