If you mean play at the same time, as far I know the answer is a resounding no, no you can't. If you purchased a disk based game, the disk needs to be in the console when you play. If that wasn't the case, people would sell their installed games and still be able to play them, which Sony and the games publishers would naturally not like.
If you mean play at separate times (i.e. you want to borrow the game from your friend for a bit), then yes, you can. Whoever has the disk will be able to play on their PS4; Sony doesn't restrict the lending of games.