This compound is primarily utilized in the field of organic synthesis and catalysis. It serves as a key intermediate in the development of chiral catalysts, which are essential for asymmetric synthesis. These catalysts are widely employed in the pharmaceutical industry to produce enantiomerically pure drugs, enhancing their efficacy and reducing side effects. Additionally, the compound's unique structure makes it valuable in the study of cyclobutene derivatives, contributing to advancements in material science and the development of novel organic compounds with potential applications in various industrial processes.