This compound is utilized in organic synthesis as a versatile intermediate for the preparation of more complex molecules. It is particularly valuable in the development of pharmaceuticals, where its cyclobutane ring structure can be incorporated into drug candidates to influence their biological activity and stability. Additionally, the benzyloxy group serves as a protective group for alcohols, allowing selective reactions to occur at other sites of the molecule. This chemical is also employed in the synthesis of fragrances and fine chemicals, where its unique structure contributes to the desired properties of the final product.