The Standalone License allows you to run the product without using the portal.
Click on the Settings cog in the top bar of the Portal.
Click on the Licenses tab.
Paste your product keys into the proper boxes. If you have a single license for multiple products, paste the same key into each box.
Click outside the settings popup and you should now have your license.
For information on transferring projects and doing other tasks without the use of the cloud, see the Offline Operation documentation.
The machine key found in Portal's settings is a key unique to your particular computer. It is mainly used when in contact with Modest3D's team and transferring standalone licenses between machines.