In this paper, we introduce OBHS (Optimized Block Huffman Scheme), a novel lossless audio compression algorithm tailored for real-time streaming applications. OBHS leverages block-wise Huffman coding with canonical code representation and intelligent fallback mechanisms to achieve high compression ratios while maintaining low computational complexity. Our algorithm partitions audio data into fixed-size blocks, constructs optimal Huffman trees for each block, and employs canonical codes for efficient storage and transmission. Experimental results demonstrate that OBHS attains compression ratios of up to 93.6% for silence-rich audio and maintains competitive performance across various audio types, including pink noise, tones, and real-world recordings. With a linear time complexity of O(n) for n audio samples, OBHS effectively balances compression efficiency and computational demands, making it highly suitable for resource-constrained real-time audio streaming scenarios.