Used in biochemical research as a substrate for enzyme activity studies, particularly in assays involving acetyltransferases and hydrolases. It serves as a derivatizing agent to enhance detection sensitivity in chromatographic and spectrophotometric analyses. Also employed in the synthesis of peptide-based compounds and pharmaceutical intermediates due to its reactive hydrazide group, which facilitates conjugation with carbonyl-containing molecules. Shows potential in prodrug design, where the acetyl and hydrazide functionalities can be leveraged for controlled release of active agents.