This compound is primarily utilized in the field of organic synthesis and pharmaceutical research due to its unique structural properties. Its benzofuran and hydroxyphenyl groups make it a valuable intermediate in the development of bioactive molecules, particularly in the design of drugs targeting neurological and inflammatory conditions. Additionally, it has shown potential in the study of enzyme inhibition, contributing to the development of therapeutic agents for diseases like cancer and neurodegenerative disorders. Its application extends to material science, where it is explored for its photophysical properties in the creation of organic electronic materials.