This compound is primarily utilized in the synthesis of nucleoside analogs, which are crucial in the development of antiviral and anticancer drugs. Its structure allows it to act as a protective group for amines during complex chemical reactions, ensuring the stability and specificity of the desired products. Additionally, it is employed in the preparation of modified sugars and other biologically active molecules, contributing to advancements in medicinal chemistry and drug discovery. Its role in these processes highlights its importance in creating targeted therapeutic agents.