All libraries are hosted in the cloud using the industry standard NuGet format. Not only is it easy to install and upgrade libraries, it is also easy to create and publish custom libraries.
Information on adding NuGet Libraries to a developers application can be found on the Getting Started page.
For information on creating custom NuGet Packages, this page from Microsoft is a good place to start.
Developers can use the NuGet Package Manager Console to reinstall NuGets
Update-Package -reinstall. More details are found on Visual Studio Docs website.