This compound is primarily utilized in organic synthesis as a chiral derivatizing agent. It is often employed to resolve racemic mixtures of alcohols and amines by forming diastereomeric derivatives, which can then be separated using techniques like chromatography. Additionally, it serves as a reagent in enzymatic studies, particularly for investigating the activity of lipases and esterases, as the hydrolysis of the carbonate bond releases p-nitrophenol, which can be easily monitored spectrophotometrically. Its chiral nature also makes it valuable in asymmetric synthesis and the preparation of enantiomerically pure compounds for pharmaceutical applications.