The ORDSYS subsystem can handle that for you, eg
ordsys.ordimage.processCopy(source_tiff, 'fileformat=jpeg', target_jpeg);
So you could temporarily load your blob into a ordsys.ordimage datatype.
Unfortunately, future versions of Oracle will no longer have the ORDSYS infrastructure, in which case, you would probably need to look at using a 3rd party solution, or writing some custom Java to load into the database to do the conversion.