This compound is primarily utilized in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions. It serves as a key building block for the creation of complex molecules, often in the pharmaceutical industry. The boronic acid group enables the formation of carbon-carbon bonds, making it valuable for constructing biaryl structures. The 3-cyano substituent provides an electron-withdrawing group that can influence the electronic properties in the synthesis and final products. Additionally, the presence of the oxetane ring enhances its potential in drug development, as oxetanes are known to improve metabolic stability and solubility of active pharmaceutical ingredients. Its application extends to materials science, where it can be used to design advanced polymers and organic electronic materials.