The following is the explanation of each Smart IP settings in Drupal 7.
Database Update Status
This Smart IP section setting will only appear if your Data Source is either MaxMind GeoIP Legacy binary database or MaxMind GeoIP2 binary database or Smart IP database (Maxmind's CSV). It display the status of database update process from manually executed or automatically during cron run. If the database update failed, you can manually force the database update by clicking the "Update database now" button.