Used in the synthesis of gold nanoparticles, where it acts as a stabilizing agent to prevent aggregation. It is also employed in surface modification of materials to enhance their compatibility with biological systems. In organic chemistry, it serves as a building block for creating complex molecules, particularly in the development of pharmaceuticals. Additionally, it is utilized in the preparation of self-assembled monolayers (SAMs) on metal surfaces for applications in sensors and electronic devices. Its thiol group makes it valuable for creating strong bonds with metals, which is essential in various nanotechnology and material science applications.