It's perfectly possible, just not with the common media-mogul owned and propagated video encoding formats. There are applications where you need a compressed video stream that does not have keyframes, so that you are not blind until the next one if one happens to get scrogged in transit. (Think things like UAV pilots blowing up things halfway around the world.)

These algorithms had methods have existed for 20 years - nearly that long ago, I held in my hand a single DVD with thirty full-length movies on it - all compressed losslessly using such an codec on a laptop. I actually accepted a job with the company (they even sent tickets for the flight out to Seattle for my first day on Monday) before calling me on Friday afternoon to tell me that the company had been acquired by a government-related entity and my role (being public-facing) was not needed. (Pissing me off because I'd turned down another good offer to take theirs!) It's the only time I've ever even heard of getting laid off before you start. The company vanished from the face of the earth that week...