This compound is primarily utilized in organic synthesis as a versatile intermediate. It plays a crucial role in the development of pharmaceuticals, particularly in the synthesis of complex molecules with cyclobutane rings. Its structure allows for further functionalization, making it valuable in the creation of bioactive compounds. Additionally, it is employed in research settings to study ring strain and reactivity in cyclobutane derivatives, aiding in the exploration of novel chemical reactions and pathways. Its benzyloxy group also makes it useful in protecting alcohol functionalities during multi-step synthetic processes.