Used extensively in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, to create complex biaryl compounds. These reactions are crucial in pharmaceutical research for developing drug candidates. It also serves as a key intermediate in the preparation of various bioactive molecules and materials. Additionally, it is employed in the development of sensors and diagnostic tools due to its ability to selectively bind with specific biomolecules. Its unique structure makes it valuable in the study of enzyme inhibitors and receptor ligands.