Olympic flag is white colour with 5 rings: Blue, Yellow, Black, Green and Red.
There are participate many countries from all continents besides Antarctica: Gemany, Spain, France, Azerbaijan and other. Each country have one person, who bears his Flag. For example: on the Olympiad 2014 , Eldar Gasymov represented Azeebaijan and beared the Flag.
Могу ошибаться в фактах, если что-то не так, то напишите