Used as a key reagent in the synthesis of various organic compounds, particularly in cross-coupling reactions. It is widely employed in the preparation of pharmaceuticals, where it acts as a building block for drugs targeting diseases like cancer and diabetes. In biochemistry, it is utilized for the selective recognition and binding of carbohydrates, making it valuable in glucose sensing applications. Additionally, it plays a role in the development of advanced materials, such as polymers and sensors, due to its ability to form stable complexes with diols and other functional groups. Its versatility also extends to catalysis, where it aids in facilitating specific chemical transformations.