This chemical is primarily utilized in the field of medicinal chemistry and biochemistry for its role as a modified nucleoside. It serves as a key intermediate in the synthesis of nucleotide analogs, which are crucial in the development of antiviral and anticancer drugs. Its structure allows it to mimic natural nucleosides, enabling it to interfere with viral replication or cancer cell proliferation. Researchers also explore its potential in studying enzyme mechanisms and designing inhibitors for specific biochemical pathways. Additionally, it finds application in the development of prodrugs, where its modifications enhance bioavailability and target specificity.