The head of Samgung, Boo Keun Yoon, has pledged over $100 million to bring the “internet of things” (IoT) closer to a reality. He added that, within five years, all Samsung products will have the capability to interact across the IoT network.

The internet of things refers to what many believe will be the next big leap forward in technology, linking previously non-smart devices from fridges to washing machines under a global network, giving users the ability to control and manage them remotely and allowing them to connect to other devices.

However, Mr Yoon added that the potential for such advancement may not realise its full potential unless manufacturers work together to create a single, unifying network rather than separate systems. 

"The internet of things has the potential to transform our society, economy and how we live our lives," said Mr Yoon during a keynote speech at the Consumer Electronics Show (CES) in Las Vegas. "It is our job to pull together - as an industry, and across different sectors - to make true on the promise of the internet of things.”