1. A computer implemented method of aligning a plurality of overlapping images in real time using translation invariant feature matching, comprising the steps of: capturing said overlapping images comprising a first image and a second image using one or more image capture devices, wherein each of said overlapping images overlaps an adjacent image of said overlapping images; determining at least one of one or more local maxima pixel points and one or more local minima pixel points in a first region in said first image and a second region in said second image based on predetermined statistical criteria; performing iterative intra image correlation for at least one of said determined one or more local maxima pixel points and said determined one or more local minima pixel points in said first image for selecting a predetermined number of feature points comprising at least one of one or more least correlated local maxima pixel points and one or more least correlated local minima pixel points, wherein said iterative intra image correlation is performed in one of a first mode and a second mode; performing iterative inter image correlation for said selected feature points, for determining a predetermined number of best correlated feature point pairs, wherein each of said determined best correlated feature point pairs comprises one of said selected feature points in said first image and one of: one of said determined one or more local maxima pixel points and one of said determined one or more local minima pixel points in said second image; selecting a matching feature point pair from said determined best correlated feature point pairs; and aligning said first image and said second image using said selected matching feature point pair.