The demand for blockchain technology is rapidly increasing as industries recognize its potential to enhance transparency, security, and efficiency in digital transactions. However, in oil and gas industry the adoption of blockchain technology in asset management systems is still scarce especially in Iraq. This study investigates the current issues experienced by asset management practices in the Iraqi oil and gas industry. Additionally, the analysis revealed the relevant factors that may determine the implementation of the blockchain technology. Through qualitative approach, this study conducted interview with 6 experts from the industries. The findings demonstrated a variety of consistent problems facing asset management. These consist of poor technical expertise, old infrastructures, poor organisational support, and poor asset tracking system. This research also examines how blockchain may address these barriers through providing decentralised data integrity, offering better traceability, and even automation. Although blockchain theory has its promise, it will not be immediately applicable to practice, as it will depend on many variables, including the digital infrastructure status, labor skills, and regulation, as well as the compatibility with the current operations of asset management. The paper highlights the key challenges that face asset management in the oil and gas industry in Iraq which include difference in productive outputs, scattered information systems and poor tracking systems. In addition, it forms the basis of assessing the possible paradigm-changing advantages of the technology of blockchain, which includes higher automation, increased transparency, and improved operational integrity, along with a few implementations risk and readiness concerns.