Used in organic synthesis as a key intermediate for the preparation of various pharmaceuticals and agrochemicals. It is particularly valuable in Suzuki-Miyaura cross-coupling reactions, which are widely employed to form carbon-carbon bonds in the synthesis of complex organic molecules. Additionally, it serves as a protective group for boronic acids, enhancing their stability and handling during chemical processes. Its applications extend to the development of sensors and diagnostic agents due to its ability to interact with diols and other biological molecules.