Used primarily in organic synthesis, this compound serves as a key building block in the preparation of various pharmaceuticals and biologically active molecules. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, enabling the creation of complex organic structures. Its boronic acid group is crucial for these coupling reactions, making it a versatile reagent in drug discovery and development. Additionally, it may be employed in the synthesis of benzofuran derivatives, which are often explored for their potential therapeutic properties, including anti-inflammatory, anticancer, and antimicrobial activities.