Used in organic synthesis as an intermediate for pharmaceuticals and agrochemicals. Serves as a building block in the development of bioactive molecules due to the presence of both hydroxyl and benzofuran functionalities. Employed in research for designing compounds with potential antimicrobial, anti-inflammatory, or central nervous system activity. Also utilized in the preparation of fluorescent dyes and optical brighteners because of its aromatic structure. Its reactivity allows for derivatization in drug discovery and material science applications.