This chemical is primarily used as a key intermediate in organic synthesis, particularly in the preparation of phosphonate esters. These esters are valuable in the development of pharmaceuticals, agrochemicals, and other biologically active compounds. It is also employed in the synthesis of antiviral and anticancer agents, where its phosphonate group plays a crucial role in mimicking natural phosphates, thereby inhibiting specific enzymes or cellular processes. Additionally, it finds application in the production of flame retardants and as a reagent in organic transformations, such as Horner-Wadsworth-Emmons reactions, which are used to form carbon-carbon double bonds. Its versatility in chemical synthesis makes it a valuable tool in both industrial and research settings.