Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals and agrochemicals. Its structure, featuring both a benzyloxy group and an iodine atom, makes it valuable for cross-coupling reactions, such as Suzuki or Sonogashira couplings, which are essential for creating complex organic molecules. Additionally, it is employed in the development of biologically active compounds, particularly in the research of potential therapeutic agents targeting specific enzymes or receptors. Its versatility in chemical transformations also makes it useful in material science for designing advanced polymers or functional materials.