Although Gilmer (that's its real name!) timing belts seem to be a rather new innovation, they've been used for many decades. That being said, however, timing chains were generally used by most manufacturers before the shift to Gilmer timing belts.
Most OHV engine designs used timing chains (most USA manufacturers) or timing gears (many European manufacturers). Actually, timing gears are the best, but can be costly to design and manufacture.
In most OHC designs, timing chains were historically used. For example, the classic Jaguar DOHC inline 3.8L and 4.2L six used timing chains, as well as most other European cars including the SAAB SOHC and DOHC inline four. FIAT used Gilmer belts in their 124 series in the '60s. Mercedes and Porsche used, and still use, timing chains.
Timing chains are more durable than the Gilmer belt. The generally accepted design spec for replacement of the Gilmer belt is 50,000 to
100,000 miles. Hyundai specifies replacement of the belt at 60,000. On the other hand, a timing chain - either simlex or duplex - can last much, much longer. The primary problem with a timing chain design over time and mileage is chain stretch. This natural wear is compensated by a timing chain tensioner, either oil pressure or mechanically operated.
One of the primary reasons for the original shift from a timing chain to the Gilmer belt is one of economics. Although the timing chain is more durable than the Gilmer belt, it's generally much more expensive to replace on an OHC engine than a belt. Not only is the timing chain itself more expensive ($50 to $200), the replacement (labor) can be very costly. In some OHC designs which use a timing chain, the engine has to be pulled to effect the repair. Whereas the Gilmer timing belt is inexpensive ($20 to $50) to purchase, and the replacement cost is much less than a timing chain. NOTE: Although we Hyundai owners may complain about this fact, it's nevertheless much less than a timing chain replacement.
Timing chain replacement in the classic American OHV engine design is also quite inexpensive, both in terms of parts cost and labor. Although OHC engine designs are much more efficient, the efficiency comes at a long-term maintenance cost increase over OHV designs.