Used as a key intermediate in the synthesis of various organic compounds, particularly in the production of pharmaceuticals. It is employed in the preparation of peptide-based drugs, where its thiol group allows for specific conjugation or modification of biomolecules. The compound is also utilized in the development of self-assembled monolayers (SAMs) on gold surfaces, which are important in nanotechnology and biosensor applications. Additionally, it serves as a building block in the creation of functionalized polymers and coatings, enhancing material properties for industrial use.