Used primarily as a synthetic intermediate in organic chemistry, this compound plays a key role in the development of complex polycyclic structures. Its strained ring system and hydroxyl functionality make it valuable in cycloaddition reactions and ring-opening transformations. It is often employed in the synthesis of natural products and pharmaceuticals where fused ring systems are required. The reactivity of the alkene groups combined with the alcohol moiety allows for selective modifications, enabling the construction of intricate molecular architectures. Additionally, it serves as a building block in materials science for designing novel organic frameworks with tailored electronic properties.