This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of hydroxamic acid derivatives, which are known for their role as inhibitors of histone deacetylases (HDACs). HDAC inhibitors are significant in cancer therapy, as they can regulate gene expression and induce apoptosis in cancer cells. Additionally, the hydrazine moiety in the compound makes it valuable for designing molecules with potential antibacterial and antifungal properties. Its structural features also allow it to be explored in the development of anti-inflammatory and anti-tumor agents, making it a versatile candidate for pharmaceutical research.