This chemical is primarily utilized in organic synthesis as a key reagent for introducing diiodomethyl groups into various molecular frameworks. It is particularly valuable in the preparation of complex organic compounds, where it serves as a versatile building block. The compound is often employed in cross-coupling reactions, enabling the formation of carbon-carbon and carbon-heteroatom bonds, which are essential in the development of pharmaceuticals and agrochemicals. Additionally, its unique structure makes it useful in the synthesis of boron-containing compounds, which have applications in materials science, including the development of advanced polymers and optoelectronic materials. Its stability and reactivity under mild conditions make it a preferred choice in laboratories for constructing intricate molecular architectures.