This chemical is primarily utilized in the field of organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of nitrate ester compounds, which are often explored for their potential in drug delivery systems, particularly in cardiovascular therapies. The nitrooxy group in its structure can release nitric oxide, a molecule known for its vasodilatory effects, making it valuable in the design of drugs targeting hypertension and angina. Additionally, its tosylate group allows for further functionalization, enabling the creation of more complex molecules with tailored properties for specific therapeutic applications.