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My idea:

All discs and consoles have a unique ID.

When you put a disc in a console, Microsoft/Sony/whoever register that disc ID to that console ID. From that point on, so long as the console is connected to the Internet (so it can verify the console-disc ID mapping), it can play the game without the disc.

When you put your disc in another console, the unique disc ID is then registered to that console.

The downside is that it requires an online connection for discless play, and also an online connection for the first time you play a game on the console. The actual process of registering the console will require minimum bandwidth, so it wouldn't be a problem in 99% of households who actually have the means to buy these machines.