This chemical is primarily utilized in the field of organic synthesis, particularly as a building block for the development of more complex molecules. It is often employed in the creation of pharmaceutical compounds, where its unique structure allows for the introduction of specific functional groups that can enhance biological activity. Additionally, it serves as a key intermediate in the synthesis of materials used in organic electronics, such as light-emitting diodes (LEDs) and organic photovoltaics, due to its ability to facilitate electron transfer processes. Its application in medicinal chemistry is also notable, as it is used in the design of potential drug candidates targeting various diseases, including cancer and neurological disorders.