Formal verification of Systems-on-Chips (SoCs) is an immense challenge to current industrial practice. Most existent formal verification techniques are extremely computation intensive and produce good results only when used on individual sub-components of SoCs. Without major modifications they are of little effectiveness in the SoC world. We attack the problem of SoC verification using an elegant abstraction mechanism, called computation slicing, and show that it enables effective temporal property verification on large designs. The technique targets a set of execution sequences, that is exhaustive with respect to an intended subset of system level properties, and automatically finds counter-example execution sequences in case of errors in the design. We have obtained exponential gains in reducing the global state space using a polynomial-time algorithm, and also applied a polynomial-time algorithm for checking global liveness and safety properties. We have successfully applied the technique to verify properties on two high level transaction based designs - the MSI cache coherence protocol and an admittedly academic SoC having a bus arbiter and a parameterizable number of devices connected to a PCI bus backbone.