This compound is primarily utilized in organic synthesis as a chiral building block. It serves as a key intermediate in the preparation of enantiomerically pure pharmaceuticals and fine chemicals. Its iodine moiety makes it a versatile reagent for nucleophilic substitution reactions, enabling the introduction of the dioxolane ring into more complex molecular structures. This is particularly valuable in the synthesis of biologically active compounds, where stereochemistry plays a critical role in efficacy. Additionally, it is employed in the development of chiral catalysts and ligands for asymmetric synthesis, enhancing the selectivity and efficiency of chemical transformations.