Used primarily in organic synthesis and polymer chemistry, this compound serves as a key intermediate for creating boronic acid-functionalized polymers. These polymers are valuable in the development of sensors, particularly for detecting sugars and other diol-containing molecules. It is also employed in the preparation of advanced materials for drug delivery systems, where its boronic acid group can form reversible covalent bonds with diols, enabling targeted release. Additionally, it plays a role in crosslinking reactions for hydrogel formation, which are useful in biomedical applications such as wound healing and tissue engineering.