"Digital twin" is an engineering term for a model of a physical asset, such as a jet engine or a production line, that is kept up to date with data about that asset over its working life. A home record is a much simpler thing. The idea behind it still applies: keep the facts about a house in a structured form, keep them current, and let them outlast any one owner.
A home's paperwork has usually been kept for the current owner's convenience: a binder from closing day, a folder of warranties, a phone full of receipt photos. Structured, current records can do more, and three situations show it: insurance questions, resale, and a change of ownership.
Insurance questions
Insurance applications can ask about the age of the roof or other major systems. How much a documented answer affects a quote or a claim varies by insurer and by state, so ask your own agent or broker. Either way, an owner who has recorded the HVAC install date, the water heater's age and a current service history can answer from a record instead of from memory. A structured home record keeps install dates and service events as data, where they are easy to find, instead of in the fine print of a PDF.
Resale and inspection
A seller's statement that the roof was recently replaced is easier to check when there is a permit copy and an install date to look at. That gives an appraiser, a buyer or a buyer's inspector something specific to follow up on, in a transaction that otherwise runs on a lot of verbal assurances. The record supports the inspection; it does not replace it.
Keeping the history with the house
The biggest weakness of the filing-cabinet approach is that it rarely survives a sale. A home's history resets to whatever the new owner can piece together, because the old owner's records were never organized to be passed on. A record that belongs to the property can move from one owner to the next, the way a vehicle's service history can follow the vehicle when it is sold.
What a homeowner can do today
None of this requires waiting for a new standard. Record install dates and model numbers as data instead of leaving them buried in a PDF. Log service visits when they happen so you are not reconstructing them later. Keep all of it in a system designed to be handed to the next owner.
A house is valuable and complicated enough to deserve records that are kept current.