Used as a key intermediate in organic synthesis, particularly in the preparation of phosphonate-based compounds with biological activity. It serves in the synthesis of antiviral and anticancer agents due to its ability to mimic phosphate esters in metabolic pathways. Commonly employed in Horner-Wadsworth-Emmons reactions for the formation of conjugated alkenes, which are important in pharmaceuticals and agrochemicals. Also utilized in the development of enzyme inhibitors, especially targeting serine hydrolases and other phosphoryl-transfer enzymes. Its nitrobenzyl group allows for easy detection and potential photochemical activation in prodrug strategies.