Used in organic synthesis as a versatile protecting group for alcohols, particularly in the preparation of complex molecules like pharmaceuticals and polymers. Its structure allows for selective deprotection under mild conditions, making it valuable in multi-step reactions. It is also employed in the development of drug delivery systems, where its stability and controlled release properties are advantageous. Additionally, it serves as an intermediate in the synthesis of functionalized polyethylene glycol (PEG) derivatives, which are widely used in bioconjugation and surface modification applications.