I am asuming that you would like to use the UpdateCommand with a SqlDataSource and a GridView.
The update command uses SQL:
Update yourTable SET columnName = 'yourValue';
Update MainAsset Set site ='http://stackoverflow.com';
In the example from msdn the database columns (fields) are bound to the gridview1. The values for the BoundField can be passed by using the value of DataField with an @. The database coulmn LastName will be bound to a grid column <asp:BoundField HeaderText="Last Name" DataField="LastName" /> and in the update command @LastName is used to pass the value:
 <asp:SqlDataSource
      id="SqlDataSource1"
      runat="server"
      DataSourceMode="DataSet"
      ConnectionString="<%$ ConnectionStrings:MyNorthwind%>"
      SelectCommand="SELECT EmployeeID,FirstName,LastName,Title FROM Employees"
      UpdateCommand="Update Employees SET   
         FirstName=@FirstName,LastName=@LastName,
         Title=@Title WHERE EmployeeID=@EmployeeID"
      OnUpdated="OnDSUpdatedHandler">
  </asp:SqlDataSource>
  <asp:GridView
      id="GridView1"
      runat="server"
      AutoGenerateColumns="False"
      DataKeyNames="EmployeeID"
      AutoGenerateEditButton="True"
      DataSourceID="SqlDataSource1">
      <columns>
          <asp:BoundField HeaderText="First Name" DataField="FirstName" />
          <asp:BoundField HeaderText="Last Name" DataField="LastName" />
          <asp:BoundField HeaderText="Title" DataField="Title" />
      </columns>
  </asp:GridView>
Update to address your comment
Your Select * from Dbo.MainAsset, dbo.Model ... loads data from different tables and displays them as one big table. This is called a join. Your Select uses the old join syntax instead of the newer syntax
I am uncertain if i understand your comment:  "I'm asking for how the syntax should look for the UpdateCommand." In your update do you want to update the values in all 3 tables (MainAsset, Model and Hardware)?
If this is the case we need to know the single columns that are displayed in your grid. You can take a look at this question or at this update join explanation to better understand updates with a join.
Update 2 Syntax for UpdateCommand
- How I can make a custom UpdateCommand?
- How would I approach updating one column, say "MainAsset.site"
- How to update a record if a dropdownlist changes?
First you need to know how a normal update statement in SQL Server looks like:
UPDATE MainAsset
    SET site= NewValueForSite
        ,teacher = 'Dr. Seuss'
    WHERE rowId = FilterValue
To create a custom update command you write the sql that you need and assign / pass it to the property UpdateCommand of SqlDataSource.
You could do the following (assuming that pk stands for primary key and identifies a row):
 <asp:SqlDataSource
      id="SqlDataSource1"
      // ... see above          
      UpdateCommand="Update MainAsset SET   
         site=@site
         ,teacher=@teacher,
         WHERE pk=@pk"
      OnUpdated="OnDSUpdatedHandler">
  </asp:SqlDataSource>
Regarding your third question i would like to point you at this question:
<asp:DropDownList ID="ddlSite" runat="server"  
   AutoPostBack="True" 
   OnSelectedIndexChanged="SelectionHasChanged"
   DataSourceID="SqlDataSource1" DataTextField="site"
   DataValueField="pk" AppendDataBoundItems="true">