This compound is primarily utilized in the field of organic synthesis and chemical research, where it serves as a key intermediate in the development of complex molecules. Its unique structure makes it valuable for constructing inositol derivatives, which are significant in studying biological processes and signaling pathways. Additionally, it is employed in the preparation of chiral ligands and catalysts, aiding in asymmetric synthesis to produce enantiomerically pure compounds. The compound also finds application in material science, particularly in the design of novel polymers and coatings with specific functional properties. Its role in medicinal chemistry is notable, as it contributes to the synthesis of potential drug candidates targeting various diseases.