Used primarily as a key intermediate in organic synthesis, this compound plays a significant role in the production of various pharmaceuticals and agrochemicals. Its application is particularly notable in the synthesis of complex molecules where it facilitates the introduction of phosphonate groups, which are crucial for the biological activity of many drugs. Additionally, it is employed in the development of pesticides and herbicides, contributing to the enhancement of their efficacy and stability. The compound's ability to act as a protecting group in peptide synthesis also makes it valuable in biochemical research, aiding in the study and development of new therapeutic agents.