This compound is primarily utilized in organic synthesis as a building block for the preparation of more complex molecules. It is often employed in the development of pharmaceutical intermediates, particularly in the synthesis of hydrazide derivatives, which are valuable in medicinal chemistry. The benzyloxy and hydrazine functional groups make it a versatile reagent for constructing heterocyclic compounds, such as indoles and pyrazoles, which are common motifs in drug discovery. Additionally, it can be used in the preparation of ligands for catalysis or in the study of biochemical pathways involving hydrazine-based inhibitors. Its application is also seen in research focused on designing compounds with potential anticancer, antimicrobial, or anti-inflammatory properties.