This compound is primarily utilized in organic synthesis, particularly in the preparation of peptides and other biologically active molecules. It serves as a key intermediate in the formation of cyanoacetamide derivatives, which are valuable in the development of pharmaceuticals. Additionally, its structure allows it to act as a protecting group for amino acids during peptide synthesis, ensuring selective reactions and preventing unwanted side reactions. The compound is also employed in the synthesis of heterocyclic compounds, which have applications in medicinal chemistry and drug discovery. Its versatility makes it a useful building block in the creation of complex organic molecules.