From the NWS Glossary:
Updraft – A small-scale current of rising air. If the air is sufficiently moist, then the moisture condenses to become a cumulus cloud or an individual tower of a towering cumulus or Cb.
Downdraft – A small-scale column of air that rapidly sinks toward the ground, usually accompanied by precipitation as in a shower or thunderstorm. A downburst is the result of a strong downdraft.