This compound is primarily used in organic synthesis, particularly in Suzuki-Miyaura cross-coupling reactions, where it acts as a boronic acid reagent to form carbon-carbon bonds. It is valuable in the production of complex organic molecules, including pharmaceuticals, agrochemicals, and advanced materials. The presence of the hydroxyethyl group enhances its reactivity and selectivity in certain reactions, making it a useful intermediate in the synthesis of biologically active compounds. Additionally, it can be employed in the development of sensors and diagnostic tools due to its ability to interact with diols and other functional groups.