This compound is primarily utilized in organic synthesis as an intermediate for the preparation of various pharmaceutical agents and biologically active molecules. It serves as a key building block in the development of hydrazide-based compounds, which are often explored for their potential therapeutic properties, including antimicrobial, anticancer, and anti-inflammatory activities. Additionally, it is used in the synthesis of Schiff bases, which are valuable in coordination chemistry and material science for creating metal complexes with specific catalytic or optical properties. Its benzyloxy group also makes it a useful precursor in protecting group strategies during complex organic transformations.