Used primarily in organic synthesis, this compound serves as a key intermediate in the preparation of various pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, where it facilitates the formation of carbon-carbon bonds, enabling the synthesis of complex organic molecules. Additionally, it is employed in the development of sensors and diagnostic agents due to its ability to interact with diols and other biological molecules, making it useful in biochemical research and medical diagnostics. Its tert-butoxy group enhances stability and solubility, making it suitable for use in diverse chemical environments.