This compound is primarily utilized in organic synthesis as a building block for the preparation of more complex molecules. It serves as a key intermediate in the development of pharmaceuticals, particularly in the synthesis of peptide-based drugs and bioactive compounds. The bicyclo[2.2.2]octane structure provides rigidity, which can enhance the stability and specificity of the resulting molecules. Additionally, the benzyloxycarbonyl (Cbz) protecting group is commonly employed in peptide chemistry to safeguard amino groups during multi-step synthetic processes, allowing for selective deprotection when needed. Its application is significant in medicinal chemistry for designing compounds with potential therapeutic properties.