Used as a key intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and agrochemicals. It plays a crucial role in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds. This compound is also employed in the development of sensors and diagnostic tools due to its ability to interact with diols and sugars, making it valuable in glucose detection and other biochemical assays. Additionally, it serves as a building block in the synthesis of complex organic molecules, including bioactive compounds and materials for organic electronics.