Used in organic synthesis as a building block for creating complex molecules, particularly in Suzuki-Miyaura cross-coupling reactions. This reaction is essential in pharmaceutical research for developing drug candidates. It is also employed in the preparation of fluorescent dyes and sensors, which are useful in biochemical assays and diagnostics. Additionally, it serves as a reagent in the study of enzyme inhibitors and other biologically active compounds. Its unique structure allows for selective binding, making it valuable in targeted chemical and biological applications.