This chemical is primarily used in the synthesis of nucleosides and nucleotides, which are essential building blocks for DNA and RNA. It serves as a key intermediate in the preparation of antiviral and anticancer drugs, particularly in the development of nucleoside analogs. These analogs are designed to mimic natural nucleosides, allowing them to interfere with viral replication or cancer cell proliferation. Additionally, it is utilized in biochemical research to study the structure and function of nucleic acids, aiding in the understanding of genetic processes and the development of therapeutic agents. Its role in organic synthesis also extends to the production of modified sugars and carbohydrate derivatives, which have applications in various fields of chemistry and biology.