This compound is primarily utilized in organic synthesis, particularly in cross-coupling reactions such as the Suzuki-Miyaura reaction. Its boronic acid group enables the formation of carbon-carbon bonds, making it valuable in the synthesis of complex organic molecules, including pharmaceuticals and agrochemicals. Additionally, it serves as a building block in the development of heterocyclic compounds, which are often explored for their biological activity and potential therapeutic applications. Its furan and imidazole moieties contribute to its versatility in designing molecules with specific electronic and structural properties.