This chemical is primarily used as a chiral building block in organic synthesis, particularly in the production of pharmaceuticals and fine chemicals. Its structure, featuring a dioxolane ring and a hydroxymethyl group, makes it valuable for constructing complex molecules with specific stereochemistry. It is often employed in the synthesis of enantiomerically pure compounds, where its tosylate group acts as a good leaving group, facilitating nucleophilic substitution reactions. Additionally, it is utilized in the development of antiviral and anticancer agents, where precise stereochemical control is crucial for biological activity. Its stability and reactivity also make it suitable for use in asymmetric synthesis and as an intermediate in the preparation of chiral ligands or catalysts.