Primarily used in organic synthesis, this compound serves as a versatile reagent in cross-coupling reactions, particularly Suzuki-Miyaura coupling. It facilitates the formation of carbon-carbon bonds by transferring the (benzyloxy)methyl group to aryl or vinyl halides, enabling the synthesis of complex organic molecules bearing protected hydroxymethyl groups, including pharmaceuticals and agrochemicals. Its stability and ease of handling make it a preferred choice in medicinal chemistry for introducing benzyl alcohol precursors in drug development. Additionally, it is employed in material science for creating advanced polymers and functional materials.