Don’t display a sidebar widget when on a specific page

Assuming that the 'blog' slug is correct, your code would work. I would suggest making a separate template for the page, namely page-blog.php (see http://codex.wordpress.org/images/1/18/Template_Hierarchy.png and http://codex.wordpress.org/Template_Hierarchy) where you set up the structure and appearance of the page exactly as you want it to be.

WordPress will automatically look for the file when opening a page with the name of 'blog' (that is, the slug must be 'blog'). Also, the code you posted above would normally go in loop.php, granted that you are using the default template-setup.