I've been looking into this recently in relation to one of my own Blu-ray projects. Here's what I've found out:
Rather surprisingly, this is actually possible (soon).
With the upcoming version 18 of Kodi, you can actually stream a Blu-ray remotely. Either from a HTTP source or from a WebDav source. Simply copy the Blu-ray files to your local webserver, or webdav folder. Then go to Kodi and click "Add source".
For my own tests I've had the nightly build of Kodi v18 play one of my own Blu-ray projects from an HTTP source streaming from my webhost provider. Apart from the current bugs in Kodi v18, it played fine.
I also tested with VLC. You can't add an HTTP or WebDav source with VLC though, so you have to mount such a source yourself:
net use w: http://www.example.com/mywebdavfolder/
vlc bluray://w: --bluray-menu
Should theoretically work - but VLC currently times out when I try to play my Blu-ray project from the Internet. You might have better results with a local
server though.
Remember though: You need to have Java installed on whatever device you wish to watch the Blu-ray on. Java is needed to handle the menus on most Blu-ray Discs. (And also keep in mind that you need a 32bit Java version for a 32bit software player. Likewise, if your software player is 64bit, then you need a 64bit Java installed. Visit java.com from a 32bit or 64bit browser to download the correct bit version of Java).
Something I've been thinking about trying out in this regard, is to add a small webserver on the Blu-ray Disc itself. That way, you should (theoretically) be able to just put the disc in your hardware Blu-ray player, and then stream it directly from the player to any device in your LAN via Kodi.
It should be noted that all of my tests are done with homebrew projects, that doesn't contain any Digital Rights Management.