This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. It serves as a valuable boronic acid reagent, enabling the formation of carbon-carbon bonds, which is essential in constructing complex organic molecules. Its imidazole and furan moieties contribute to its reactivity and stability, making it suitable for applications in pharmaceutical research and drug development. Additionally, it is employed in the preparation of heterocyclic compounds, which are often key intermediates in the synthesis of bioactive molecules and materials.