My primary question is if there is any resource which keeps a track of words that evolve. Also before the word gets into any publication's dictionary "is there any process that is followed to evaluate if the "term under discussion" has enough credit to be qualified as a word and get into the dictionary.
In addition to Merriam-Webster Open Dictionary, which I can't access to, Cambridge Dictionary Blog constantly shares new words and there are also tiny surveys about whether these new words should be included in the dictionary or not.
Merriam-Webster has a page that discusses how words get into its dictionary:
In addition, it keeps a list of words that it is considering for inclusion: