Used in organic synthesis, particularly as a building block for creating complex molecules. It serves as a precursor in the development of pharmaceuticals, where its thiol and alcohol functional groups allow for versatile chemical modifications. This compound is also employed in the production of specialty chemicals, including polymers and coatings, where its properties can enhance material performance. Additionally, it finds use in biochemical research for modifying peptides and proteins, aiding in the study of molecular interactions. Its applications extend to the field of nanotechnology, where it can be used to functionalize surfaces or nanoparticles for specific purposes.