Used as a bifunctional linker in organic synthesis, particularly in cross-coupling reactions where acetoxy groups can be selectively hydrolyzed or transformed into other functional groups. Serves as a precursor in the preparation of long-chain diols, surfactants, and specialty polymers. Its terminal acetoxy groups allow for stepwise modification, making it useful in the synthesis of dendrimers, macrocycles, and surface-functionalized materials. Also employed in controlled release systems and prodrug designs due to the hydrolytic lability of acetate groups under mild conditions.