This compound is primarily utilized in organic synthesis and medicinal chemistry as a versatile building block. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it acts as a boronic acid reagent to form carbon-carbon bonds, enabling the synthesis of complex organic molecules. Its application extends to the development of pharmaceuticals, where it serves as an intermediate in the production of biologically active compounds. Additionally, it is used in materials science for the preparation of functionalized polymers and advanced materials. The compound's boronic acid moiety also makes it useful in sensor technologies, particularly for the detection of sugars and other diol-containing molecules.