This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is often employed in the preparation of hydrazine derivatives, which are valuable in the development of pharmaceuticals and agrochemicals. The compound's structure, featuring a hydrazinecarboxylate group, makes it suitable for constructing complex molecules through reactions like condensation or cyclization. Additionally, it can serve as a building block in the synthesis of heterocyclic compounds, which are essential in drug discovery and material science. Its stability and reactivity under various conditions make it a useful reagent in research and industrial applications.