This compound is primarily utilized in the field of organic synthesis, particularly as an intermediate in the production of complex molecules. Its unique bicyclic structure makes it valuable for constructing frameworks in medicinal chemistry, where it can be employed to develop pharmaceuticals with specific biological activities. Additionally, it serves as a chiral building block in asymmetric synthesis, enabling the creation of enantiomerically pure compounds, which are crucial in drug development and other fine chemical industries. Its functional groups also allow for further chemical modifications, making it versatile in research and industrial applications.