Used primarily in organic synthesis, this compound serves as an intermediate in the production of pharmaceuticals and agrochemicals. Its structure allows it to act as a protective group for amines during complex chemical reactions, ensuring selective transformations. Additionally, it finds application in the development of bioactive molecules, particularly in the synthesis of compounds with potential antimicrobial or antifungal properties. Researchers also utilize it in the study of enzyme inhibition and receptor binding mechanisms, contributing to drug discovery efforts.