Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of pharmaceuticals, particularly in the development of enzyme inhibitors and receptor antagonists. It is also employed in the synthesis of boron-containing compounds for use in cancer therapy, where boron neutron capture therapy (BNCT) is a notable application. Additionally, it plays a role in the creation of advanced materials, such as polymers and sensors, due to its unique boronic acid functional group, which can form reversible covalent bonds with diols and other molecules. Its applications extend to biochemical research, where it is utilized in the study of protein interactions and as a probe in diagnostic assays.