Used in organic synthesis as a key intermediate for Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds in pharmaceuticals and fine chemicals. It is particularly valuable in the production of biaryl compounds, which are essential in drug development and material science. Additionally, it serves as a protecting group for boronic acids, enhancing stability during complex chemical processes. Its application extends to the preparation of sensors and molecular probes due to its reactivity with diols and sugars, making it useful in biochemical research and diagnostic tools.