This compound is primarily utilized in the field of medicinal chemistry and drug development, particularly in the synthesis of boron-containing pharmaceuticals. Its boronic acid derivative is a key intermediate in the production of proteasome inhibitors, which are used in the treatment of certain cancers, such as multiple myeloma and mantle cell lymphoma. The boronate ester group in the molecule allows for efficient cross-coupling reactions, making it valuable in the creation of complex organic molecules. The compound’s ability to interact with biological targets also makes it useful in the study of enzyme inhibition and the design of novel therapeutic agents.