This compound is primarily utilized in the field of biochemistry and pharmacology as a key intermediate in the synthesis of various pharmaceutical agents. It serves as a building block for the development of nucleoside analogs, which are crucial in antiviral and anticancer therapies. Additionally, it is employed in research to study enzyme interactions and nucleotide metabolism, providing insights into cellular processes and potential therapeutic targets. Its role in modifying nucleic acids also makes it valuable in the development of molecular probes and diagnostic tools.