Absolutely. For lossless compression you just need to encode the difference between the predicted pixels and the actual pixels. Which hopefully has a lot of zer

Absolutely. For lossless compression you just need to encode the difference between the predicted pixels and the actual pixels. Which hopefully has a lot of zeros, making it easier to compress. For lossy compression, you just throw away some or all of the difference info. The biggest issue is speed. This doesn't look very fast to encode or decode. That's the biggest issue with new image compression algorithms, and makes it nonviable for most purposes.