An analyte monitoring system and method. The analyte monitoring system may include an analyte sensor and a transceiver. The analyte sensor may include an indicator element that exhibits one or more detectable properties based on a concentration of an analyte in proximity to the indicator element. The transceiver may be configured to (i) receive measurement information from the analyte sensor, (ii) calculate the concentration of the analyte in proximity to the indicator element based on at least the received measurement information, and (iii) calculate a blood analyte concentration based on the calculated concentration of the analyte in proximity to the indicator element by (1) incorporating the calculated concentration of the analyte in proximity to the indicator element into a governing equation that models analyte transport over an interval, and (2) solving the governing equation. In some embodiments, the governing equation includes no more than two discrete boundary conditions.
