You can check on this article which will show you how to renew encryption key both online and offline:
How to Renew PS3 Encryption Key to Play the Latest Blu-ray Discs on it
It seems you need to hook your PS3 to Internet to perform a software update and renew the encryption key to play the Blu-ray movie. If you can't get your PS3 to connect to the Internet, you can also rip the Blu-ray movie to your computer and transfer it to a USB drive. PS3 can directly play MP4 videos from external storage devices, so if you can convert your Blu-ray to MP4, then you'd be able to watch the movie without needing to perform the software update. If you need, here's how you can rip Blu-ray to MP4: How to Rip and Convert Blu ray to MP4 with Blu ray to MP4 Converter
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