This compound is primarily utilized in the field of biochemistry and molecular biology as a key component in the synthesis of nucleoside analogs. It serves as a precursor in the development of antiviral and anticancer drugs, where its structural similarity to natural nucleosides allows it to interfere with viral replication and cancer cell proliferation. Additionally, it is employed in research studies to understand cellular processes, such as DNA and RNA synthesis, due to its ability to mimic natural nucleotides. Its role in enzymatic reactions and metabolic pathways is also explored to develop therapeutic agents targeting specific enzymes.