Can we have multiple instances of an app installed?

Can we have two (or multiple) copies of an app installed with complete different data/ settings /preferences in each one of them?

Android has an app called Parallel Space which can imitate what I want on Android. I want to be able to do the same thing in Ubuntu. can be better understood with an example

let's say I have Chrome browser installed and two people use it on same computer. every time 1st person leaves the computer that person needs to log out of all the things and then other person can come in and use the computer. If I've two instances of Google Chrome installed then one person can use One browser and Other could use another.

In practical sense this applies to all the applications that saves preferences and data.