Used in organic synthesis as a key intermediate for the preparation of various pharmaceuticals and agrochemicals. It plays a crucial role in Suzuki-Miyaura cross-coupling reactions, enabling the formation of carbon-carbon bonds to create complex organic molecules. This compound is also employed in the development of sensors and diagnostic agents due to its ability to interact with specific biological targets. Additionally, it is utilized in research for designing and synthesizing novel materials with potential applications in electronics and photonics.