Used in organic synthesis as a key intermediate for producing various boronic acid derivatives, which are essential in Suzuki-Miyaura cross-coupling reactions. These reactions are widely employed in pharmaceutical research and development to create complex organic compounds, including potential drug candidates. It also serves as a building block in the preparation of sensors and diagnostic agents, particularly for detecting sugars and other biologically relevant molecules. Additionally, it finds application in materials science for modifying surfaces and creating functionalized polymers.