This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of nucleoside analogs. These analogs are crucial in the development of antiviral and anticancer drugs. Its unique structure allows it to mimic natural nucleosides, enabling it to interfere with viral replication or cancer cell proliferation. Researchers leverage its properties to design and optimize therapeutic agents targeting diseases such as hepatitis B, HIV, and certain types of cancer. Additionally, its role in the modification of nucleic acids makes it valuable in the study of gene expression and molecular biology.