This compound is primarily utilized in the synthesis of nucleoside analogs, which are crucial in the development of antiviral and anticancer drugs. It serves as a key intermediate in the production of modified nucleosides that can inhibit viral replication or interfere with cancer cell proliferation. Additionally, it is employed in biochemical research to study enzyme mechanisms and nucleotide metabolism. Its role in the synthesis of carbohydrate derivatives also makes it valuable in the field of organic chemistry for creating complex molecular structures with potential therapeutic applications.