Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various heterocyclic compounds. It is particularly valuable in the synthesis of thiadiazoles and triazoles, which have applications in pharmaceuticals and agrochemicals. Additionally, it acts as a chelating agent, forming stable complexes with metal ions, making it useful in analytical chemistry for metal ion detection and separation. Its derivatives are also explored for their potential antimicrobial and anticancer properties, contributing to ongoing research in medicinal chemistry.