Used primarily in research and development, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It plays a significant role in carbohydrate chemistry, particularly in the study of sugar derivatives and their interactions. Additionally, it is utilized in the development of potential therapeutic agents, including antiviral and anticancer drugs, due to its structural properties that mimic natural sugars. Its application extends to the field of diagnostics, where it aids in the creation of probes and markers for biochemical studies.