Too many issues.
1. The most realistic way for that to work will be that a chip is embedded in the disc. Kinda likean NFC chip. And the reader for that specific chip will be in the disc drive. So when u put the disc in it registers that disc to your console. So whenever you want to play the game as long as the game is say in a 20ft radius it will run without you having to put the disc in.
2. that would mean though that the disc doesn't just have an NFC sticker for registration but also a transmitter of sorts for area authentication. That ,means those discs have to be powered somehow. Not very practical.
3. A more realistic solution would be to make it possible to right data onto the disc from the console. so basically, when you buy a game, during the install process your console will write a lock key onto the disc, preventing any other console from running the disc. If you want to sell or loan it out, you have to put the disc in your coinsole and write the unlock key also deactivating it from your console. But even all this is just convoluted.
Physical media is going to die, that much is inevitable. There are just too many benefits of going all digital to ignore. Right now game discs serve for nothing more than a distribution and security package. Games on the PS4/XB1 doesn't even run off the disc at all.
Now think of the direction console design will ultimately go. A 6x bluray drive reads at 27MB/s and a 16x bluray drive reads at 72MB/s. A 2.5 HDD on a sata 2 interface has a peak read of 300MB/s, but in the real word averages around 220MB/so. That's why these consoles install and run everything from the HDD.
But that's not even looking at tech that would be in the next gen consoles. We would most likely shift to ME.2 drives, they are very small and run on a 4 lane pcie bus and could be at that point be either based on pcie 2 or 3. Either way, you are looking at local storage that could give you as much as 2GB/s transfer speeds. that is less likely to break, uses less power, almost 6 times smaller than conventional hdds...etc. snow when you can have that why would anyone want a standard HDD?or even worse a disc drive?
And with recent tech trends, basically with SSDs getting cheaper every year and with devices getting thinner and thinner further necessitating the need for SSDs, we could very well have 1TB drives in 2019/2020 for around what it cost to put in a 500GB HDD today.
so, what do you think will happen?